Gain an understanding of how to engage in cryptocurrency and maintain state and federal compliance.
Cryptocurrencies are quickly becoming a core part of the financial mainstream, with institutional and retail investors building them into their portfolios. It is important to understand the structure and complexities of cryptocurrency, as well as the taxation and escheat implications associated. This topic will explain the intricacies of cryptocurrencies so you will be able to recognize both how cryptocurrencies work and the variety of crypto products. The material will also analyze the federal and state legislation and regulation requirements required for maintaining federal tax and escheat compliance.
Learning Objectives
- You will be able to identify unclaimed property implications of Cryptocurrency.
- You will be able to recognize technical aspects of Cryptocurrency as well as how it is used.
- You will be able to identify historical aspects of Cryptocurrency.
- You will be able to identify tax Implications of Cryptocurrency.
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Why Lorman?
Over 37 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
Background on Digital Assets
- DLT and Blockchain
- What Is Cryptocurrency?
Using Cryptocurrency
- How Is Cryptocurrency Created?
- How Is Cryptocurrency Stored?
- What Are Smart Contracts?
Types of Cryptocurrency
- Decentralized Apps and Decentralized Finance
- What Are NFTs?
Federal Tax Implications of Cryptocurrency
- How the IRS Views Digital Assets
- The Basic Income Tax Treatment of Key Transactions; Sales, Exchanges, Air Drops, Forks, NFTs, Mining Activities
- Tax Reporting and Compliance
Unclaimed Property Implications
- Unclaimed Property Application to Cryptocurrencies
- Compliance Tracking and Limitations
- Liquidation Implications of Cryptocurrency
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Why Lorman?
Over 37 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
OnDemand Course
This course was last reviewed on July 25, 2023.
Call 1-866-352-9540 for further credit information.
- 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.
- WA CLE 1.25
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.25 hours of A/V credit under the Law & Legal Procedure category.
CPE/NASBA - QAS Self Study 1.8 including Taxes 1.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement 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.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
MP3 Download
- AK CLE 1.0
- Arizona CLE 1.0
- CA MCLE 1.0
- CT CLE 1.0
- HI CLE 1.0
- MO CLE 1.3
- NJ CLE 1.3
- NM CLE 1.0
- NY CLE 1.0 including Areas of Professional Practice 1
- VT CLE 1.0
- WV MCLE 1.3
- WY CLE 1.0
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 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
Lori Hellkamp
Jones Day
- Partner at Jones Day in the Washington, D.C. office
- Provides commercial solutions to complex tax issues by taking creative and practical approaches to problem-solving
- Practice spans a broad range of areas, including corporate and international tax, M&A, and tax controversy
- Her practice has a particular emphasis on international tax planning, counseling, and compliance, as well as tax-efficient structuring for cross-border transactions and investments
- Has extensive experience helping clients address issues arising from foreign (inbound) investments into the United States and in the fintech and renewable energy sectors; in addition, she regularly advises clients on tax and structuring issues related to cryptocurrencies, NFTs (non-fungible tokens), and other digital assets
- Counseled public and private companies facing a wide variety of multijurisdictional tax issues, both internally and before the Internal Revenue Service; has helped clients obtain favorable private letter rulings and advance pricing agreements, resolve disputes at Appeals and in Competent Authority proceedings, and navigate complex tax treaty, transfer pricing, withholding, FIRPTA (Foreign Investment in Real Property Tax Act), anti-boycott, and U.S. tax reform issues
- Chair of the ABA Tax Section’s Committee on U.S. Activities of Foreigners & Tax Treaties (USAFTT) and a member of the ABA Tax Section’s task force on cryptocurrency; active member of the D.C. Bar and frequently speaks and publishes on a variety of tax topics; board member of the George Washington University-IRS International Annual Tax Institute and serves on Jones Day’s Recruiting Committee
- Can be reached at 202.879.3787 or [email protected]
Mark Rasmussen
Jones Day
- Partner in Jones Day’s Dallas office
- Since 2016, he has advised clients on cryptocurrencies, blockchain technology, and fintech matters, including initial coin offerings (ICOs) and token issuances, money transmitter and virtual currency regulations, and litigation
- In 2018, he was appointed by Chief Judge Barbara Lynn, of the Northern District of Texas, to be the first-ever receiver in a Securities and Exchange Commission (SEC) enforcement action involving an ICO promoter
- Co-editor and co-author of the book Blockchain for Business Lawyers and is a frequent speaker on legal issues related to blockchain technology
- Also has substantial experience with internal investigations and regulatory investigations involving the SEC, Commodity Futures Trading Commission (CFTC), Department of Justice (DOJ), and state securities regulators (including the Texas State Securities Board)
- Can be contacted at 214-969-4892 or [email protected]
Jennifer Waryjas
Jones Day
- Counsel in Jones Day’s Chicago office
- Extensive experience in the areas of unclaimed property and state and local tax, including multistate tax analysis, audits, and litigation
- Provides a multifaceted approach to complex sales and income tax issues
- Has substantial knowledge in all aspects of voluntary disclosures and audit, having been previously employed in tax consulting, where she formulated calculations and oversaw remediations, and understands the numbers behind the legal issues at stake
- Representations include clients in oil and gas, manufacturing, telecom, card companies, hospitality, hospice care, and securities
- Highlights of her experience include negotiating "no-change" unclaimed property audits with the States of Arkansas, Delaware, Florida, and Massachusetts; a zero-assessment audit with the Illinois Department of Revenue; and a dismissal of a multimillion dollar qui tam litigation
- Frequent speaker on unclaimed property and is the 2020-2021 Unclaimed Property Professionals Organization (UPPO) secretary
- Can be contacted at 312-269-4057 or [email protected]
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Why Lorman?
Over 37 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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