IRS Scrutiny on Cryptocurrency Reporting

Cryptocurrency Exchanges: Legal and Tax Issues

As the Internal Revenue Service (IRS) steps up with its tax enforcement for cryptocurrencies, it is important that you have a clear idea of what the reporting requirements are for cryptocurrency ownership and exchanges, and what valuation issues might arise from these transactions.

Join this session with taxation attorney Haleh Naimi, who will address some of the legal and tax issues affecting investments and transactions in cryptocurrencies and tokens. Naimi will present you with key technical concepts in understanding Bitcoin and Blockchain technology. You will get a review of federal tax reporting and compliance obligations for transactions involving cryptocurrency.

Session Highlights

What are the reporting requirements for ownership of cryptocurrency?

Can taxpayers utilize section 1031 exchange treatment for cryptocurrencies?

What are the income tax reporting requirements for cryptocurrency exchanges?

What valuation issues might arise from these transactions?

What are the limitations on loss recognition on cryptocurrency transactions and exchanges?

How can taxpayers come into compliance with their reporting requirements to avoid penalties?