1 Legal Specialization in Taxation Law and 1 Participatory MCLE Credits
- Understand the basic operation of virtual currency and Notice 2014-21 that treats it as property.
- Describe Rev. Rul. 2019-24 and FAQs on virtual currency.
- Describe the new virtual currency question on Form 1040 Schedule 1 for 2019 and considerations in explaining it to clients to help them answer that question.
- Gain awareness of some virtual currency tax issues.
Major Topics Include:
- Definition of virtual currency.
- Notice 2014-21 that treats convertible virtual currency as property.
- Tax issues regarding virtual currency and overview and status of IRS guidance on these issues.
- Understanding the new virtual currency question on Form 1040 Schedule 1 and advising clients on it.
Speakers: Shehan Chandrasekera and Sanford Millar
Moderator: Annette Nellen