Tom Prieto, CPA, MBT


    Credit Info
  • NASBA Field of Study

  • Format

    On demand

  • Level

  • CPE Credit


  • Course acronym

  • Prerequisites

  • Course duration

    10 Hours

Blockchain and Virtual Currency Implications for Tax

As Bitcoin becomes more mainstream, the use of its enabling technology, blockchain, will become more pervasive. Already, blockchain has affected the tax services industry and will continue to do so. This CPE course gives context to blockchain technology, so you will know how to master current tax issues, anticipate new challenges, and create value for yourself and your clients.

Created to help you gain an understanding of the importance and impact of blockchain on your clients and organization, this course will give you the knowledge necessary to advise clients and organizations that are or may be involved in transactions involving Blockchain/DLT. Beginning with foundational topics, moving to application, and culminating with a regulatory perspective, this course presents blockchain technology for tax professionals in a clear, accessible, and integrated manner.

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Topics discussed

Fintech Revolution
Distributed Ledger Technology
Digital Assets
Private Blockchains
Smart Contracts

Learning objectives

Identify the impact of technology on taxation
Recognize the elements of distributed ledger technology (DLT)
Recall how digital assets can affect taxable transactions
Identify the tax implications of blockchains.
Distinguish between the terms blockchain, bitcoin, and distributed ledger technology.
Understand the taxation of hard forks and air drops.
Distinguish what cost basis methods are acceptable.
Determine the fair market value of virtual currency received.
Understand what IRS guidance is most important to taxpayers, tax practitioners, or both, and what AICPA comments were addressed by the guidance.

Who will it benefit?

CPAs and other professionals with clients; and organizations that are utilizing Blockchain technology
Accountants with clients or within organizations that are holding, trading, or issuing digital assets
Individuals who are interested in getting a better technical understanding of Blockchain technology and digital assets and the impact of this technology on taxable transactions.