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