Wednesday, July 23 | 2:00 p.m. - 3:40 p.m. | Concurrent Session
Tales from the Darkside: IRS Enforcement of Cryptocurrency
2 CPE for AFSP, EA, CPA, CRTP
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Bitcoin and other cryptocurrencies have created a new generation of millionaires, with the benefit of anonymity. Whether the cryptocurrency is being used for criminal activity or held as a legitimate investment, the IRS is spending substantial resources finding those who possess, purchase and sell cryptocurrencies to ensure that the tax, banking and money laundering laws are being followed.
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This session will give you a brief overview of cryptocurrencies, how this new technology is being regulated, the common ways that cryptocurrencies are used to evade tax and money laundering laws, and what is expected from taxpayers and their return preparers when cryptocurrencies are involved.
Objectives
Upon completion of this session, you will be able to:
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Give an overview of how Bitcoin and cryptocurrencies operate
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Recognize the difference between proof of work vs. proof of stake in verifying the blockchain
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Prepare a proper tax return with cryptocurrency transactions
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Identify common money laundering violations involving cryptocurrencies
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Identify the tools used by the IRS to identify cryptocurrency transactions for civil and criminal violations
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CPE information
Duration: 100 minutes
Course level: Intermediate
Prerequisite: Basic understanding of federal income tax
Advanced preparation: None
Delivery method: Group Live
