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Introduction to Digital Currencies for Accounting Professionals

Mark DiMichael, CPA/ABV, CFF, CFEs, CPA

Citrin Cooperman

Thursday, February 13, 2020 | 01:00 PM EDT

  • CPA
  • EA

1 Credit

$10

Subject Area

Taxes

Course Description

Bitcoin and other Digital Assets have emerged as a sustainable component of our economy. Bitcoin and other cryptocurrencies are splashed across news headlines on a regular basis, charting a wild ride of extreme highs and lows. Once the sole domain of anti-establishment millennial burned by the 2008 recession, many institutional investors have shed their skepticism and are dipping their toes into the crypto market, adding exposure through crypto funds, futures, and other emerging investment options. While initially under the control of tech enthusiasts and outlaws, these digital assets have quickly become both a mainstream investment vehicle and an opportunity for early-stage tech companies to raise capital through the process of an Initial Coin Offering (“ICO”).

However, the world of crypto investing is still relatively uncharted territory. It is important to understand what cryptocurrencies are before investing or accounting for them. Organizations that take a step-by-step approach to due diligence and gain experience with small, low-risk projects involving cryptocurrencies may find they present exciting, new opportunities.

Cryptocurrency and tokens have also gained the attention of Internal Revenue Service, the Securities and Exchange Commission, and Federal/State courts. The Internal Revenue Service has released very little guidance on the taxation of cryptocurrency. However, it did issue a 2014 notice in which they stated that cryptocurrency will be treated as property for federal income tax purposes. Depending on how the cryptocurrency is held, it could be classified as business property, investment property or personal property. This webinar will provide attendees with a basic understanding of digital assets, as well as useful information on the tax, consulting, and audit issues/opportunities in the field.

Learning Objectives

  • To learn the basics of digital assets and cryptocurrency
  • To obtain an understanding of the government agencies and laws/regulations that impact cryptocurrency.
  • To understand how digital assets are taxed
  • To understand the familiarity of virtual currency with the IRS enforcement efforts
  • To understand accounting and audit issues regarding cryptocurrencies.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • VP Accounts
  • Young CPA