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 in finding those who possess, purchase, and sell cryptocurrencies to ensure that the tax, banking, and money laundering laws are being followed.
Are you or your firm prepared to advise your client when reporting cryptocurrency transactions? Can you identify when cryptocurrency is being used for potential criminal purposes? Can you prepare an accurate tax return related to cryptocurrency transactions? Do you know what questions to ask your client or what documents to request?
This course gives 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.
Program Content: The major topics covered in this class include:
- Overview of Bitcoin and cryptocurrencies
- Definition of proof of work and proof of stake
- Tax laws regarding cryptocurrency transactions
- Definition of common money laundering laws involving cryptocurrencies
- Tools used by the IRS to identify cryptocurrency transactions and cryptocurrency in
criminal investigations - Real life examples of cryptocurrency used in criminal activities
Learning Objectives
- Discover and give an overview of how Bitcoin and cryptocurrencies operate.
- Recognize the difference between proof of work vs proof of stake in verifying the blockchain.
- Explore and prepare a proper tax return with cryptocurrency transactions.
- Identify common money laundering violations involving cryptocurrencies.
- Identify the tools used by the IRS to identify cryptocurrency transactions for civil and criminal violations.
- Recognize and recall the learning objectives in real life examples of cryptocurrency transactions.
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Prerequisites
No advanced preparation or prerequisites are required for this course.