DESCRIPTION
Are you interested in how cryptocurrencies were developed and how they work? Does blockchain technology provide sufficient security for cryptocurrencies? What are the advantages and disadvantages of using cryptocurrencies? What are the tax consequences of investing in cryptocurrencies or using them for personal or business transactions?
This webinar is designed for individuals who would like to obtain a basic understanding of crypto currency. The webinar will cover the history of virtual currencies and explain how they work. We will review some of the legal issues involved with virtual currencies. The webinar will cover the advantages and disadvantages of using virtual currencies. We will review the IRS rules for tracking and reporting crypto currency transactions for tax purposes.
This webinar has been updated for new developments including new laws, regulations, and tax forms.
Topics Covered
- Basic understanding of cryptocurrency
- History of virtual currencies and explain how they work
- Review some of the legal issues involved with virtual currencies
- Advantages and disadvantages of using virtual currencies
- Review the IRS rules for tracking and reporting cryptocurrency transactions for tax purposes
Learning Objectives:
- Describe cryptocurrency
- Recognize the tax implications of using or investing in cryptocurrency
- To define cryptocurrency.
- To identify the steps in an audit of crypto assets & liabilities.
- To identify audit procedures for auditing crypto assets & liabilities.
- To describe the applications of cryptocurrency and blockchain technologies.
- To explain the audit consideration factors for client acceptance and continuance.
- To identify and address specific audit risks unique to cryptocurrency transactions and balances
Credits and Other Info:
Instructional Method Group: Internet-based
NASBA Field of Study :Taxes (2 hours)
Program Prerequisites :None
Advance Preparation: None
Session learning level: Advanced
Who Should Attend
CPAs, CFEs, CMAs, CIAs, CFFs, CVAs, CGMAs, CIAs, CFFs, MAFFs, managers, business owners, investors, and anyone else interested in learning about virtual currencies.
