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Tax Implications of Cryptocurrency (video)

  • Credits: 2
  • Format: Self-Study Video
  • Field of Study: Federal Tax Law
  • Author/Speaker: Allison M. McLeod, LL.M., CPA, A PLLC
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01798-21-SV | 6233-CE-0519 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© April 2021 Basic Understanding of Accountancy eBook Self-Study | Video | Audio | OnDemand Webinar | Live Webinar

This course presents an overview of blockchain and the tax implication of cryptocurrency transactions. The IRS has provided some recent guidance, but potentially conflicting pronouncements by other regulatory agencies have created uncertainty on reporting issues. This course will help the practitioner understand when a taxable transaction has occurred, what reports to file to satisfy IRS requirements, and identify tax traps for the unwary.

Topics include:
  • Blockchain basics
  • Classification of cryptocurrency
  • IRS Notice 2014-12
  • Tax implications of airdrops, mining, hard forks, margin trading, purchasing of goods or services with cryptocurrency
  • Gift tax rules for donating, gifting, or bequeathing cryptocurrency
  • Traps for the unwary


Learning Objectives:

After reading the course material, you will be able to:

  • Discuss what constitutes blockchain and the various types of cryptocurrency it supports.
  • Determine whether a cryptocurrency transaction creates a taxable event.
  • Be able to identify the IRS forms needed to report cryptocurrency transactions.
  • Develop a working knowledge of possible reports due to other regulatory agencies.
  • Discuss the traps that cryptocurrency traders can encounter which could unexpectedly increase the trader’s tax liability.
  • Become knowledgeable of current enforcement actions employed by the IRS.


Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)


Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: