Live Webinar

65-minute live streaming program
  • February 7
  • 1:00 - 2:05 pm EST

Also available as:

OnDemand Course

Principles of Blockchain and Cryptocurrency Taxation

February 7

Gain an understanding of current and potential future cryptocurrency reporting requirements.

Blockchain technology and cryptocurrency pose several challenges to the application of existing tax law. Although IRS Notice 2014-21 provides a useful baseline rule that taxpayers must apply general tax principles applicable to property transactions to transactions involving cryptocurrency, it suffers from having been issued too early in the evolution of blockchain technology. The general rule does not distinguish between asset-backed, intrinsic, utility, or equity cryptocurrency. This poses intricate tax issues when the general rule is applied to several different types of cryptocurrency transactions. Each transaction involving cryptocurrency poses complex structuring issues with no cookie-cutter solutions. For example, a token issuance structure that works for one entity may not work for another. Besides the analysis of an offshore versus onshore structure, it also becomes important to select a proper jurisdiction and entity type (partnership, foundation, corporation, trust, etc.) and determine the tax implications of all the anticipated intercompany transactions, IP development activities, and the transfer of IP. Further, a tax-free transaction for an issuer, whether in any token issuance, hard fork, soft fork, or airdrop, may be a taxable event for a purchaser (or vice versa), which must be specifically analyzed before structuring a blockchain transaction. The presentation will touch on the latest issues involving decentralized finance, staking, etc., and will include an overview of current and potential future cryptocurrency reporting requirements.

Learning Objectives

  • You will be able to discuss blockchain technology and types of tokens/cryptocurrencies.
  • You will be able to review the tax ramification of the general rule provided by the IRS under Notice 2014-21.
  • You will be able to identify the tax implications for token purchasers and traders.
  • You will be able to recognize U.S. tax issues involving U.S. and foreign traders in cryptocurrency.

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Why Lorman?

Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

High-Level Understanding of Blockchain Technology and Types of Tokens/Cryptocurrencies
Tax Ramifications of the General Rule Provided by the IRS Under Notice 2014-21
Understanding the U.S. Federal Tax Implications of Initial Coin Offering/First Token Sales
  • Classification of Tokens as Equity vs. Debt for Tax Purposes
  • Characterization of Income (Sale, License, or Service)
  • Determination Whether the Issuer Should Be a U.S. Issuer or a Foreign Issuer, and the Tax Implications of Using Domestic Entity vs. Foreign Entity
  • Timing of Income Inclusion for Issuers and Purchasers
Understanding the Tax Implications for Token Purchasers and Traders
Tax Implications of Decentralized Finance
Tax Implications on Transfer of Intellectual Property in a Blockchain Project
U.S. Tax Issues Involving U.S. and Foreign Traders in Cryptocurrency
Understanding the Reporting Requirements Under the Infrastructure Investment and Jobs Act
U.S. Federal Tax Implications of Hard Forks, Soft Forks, and Airdrops
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Why Lorman?

Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 VCLE credit hours.
     
  • MN CLE 1.0
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.0 hours of credit.
     
  • MO CLE 1.3
     
  • This program has been approved by the Missouri Bar for 1.3 hours of CLE.
     
  • MS CLE 1.1
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.1 credit hours.
     
  • NC CLE 1.0
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.0 CLE hours.
     
  • NH MCLE 1.0
     
  • Lorman Business Center, LLC., is approved as an annual NHMCLE sponsor. This program has been approved by the New Hampshire Minimum Continuing Legal Education Board for 1.0 hours of CLE credit.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • TN CLE 1.08
     
  • This program has been approved by theTennessee Commission on Continuing Legal Education for a maximum of 1.08 hours of credit.
     
  • VT CLE 1.0
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hours of CLE credit.
     
  • WI CLE 1.0
     
  • This program has been approved by the Board of Bar Examiners for 1.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     
  • CPE 1.2 including Taxes 1.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.2 hours. Prerequisite: basic knowledge of general accounting. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

OnDemand Course

This course was last revised on August 22, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for accountants, presidents, vice presidents, controllers, business owners and managers, finance executives, brokers, tax managers, financial planners, and attorneys.

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Why Lorman?

Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Shira Peleg

Shira Peleg

Greenberg Traurig, LLP

  • Represents clients before the IRS and state and local taxing authorities in examinations, appeals, court, and collections
  • Serves as co-chair of the New York City Bar Association Personal Income Taxation Committee
  • Listed, The Best Lawyers in America, Ones to Watch, Tax Law, 2023
  • J.D. and LL.M. degree in taxation, New York University School of Law; B.A., Barnard College
Pallav Raghuvanshi

Pallav Raghuvanshi

Greenberg Traurig, LLP

  • Handles U.S. federal tax aspects of initial coin offering/first token sales and other tax-related issues on blockchain technology and cryptocurrencies at Greenberg Traurig LLP
  • Regularly speaks on the complex federal tax issues involving blockchain and cryptocurrency at seminars and CLEs
  • Listed, The Best Lawyers in America, Once to Watch, Tax Law, 2021-2022
  • Has been Listed, Super Lawyers magazine, New York Metro Super Lawyers, Rising Stars, 2017-2019
  • LL.M. degree in international taxation, New York University School of Law; B.B.A. and LL.B. degree, with distinction, Symbiosis Law School
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Why Lorman?

Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 410097
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