Don Farmer's Cryptocurrency Taxation: Tracking, Reporting & IRS Enforcement (2 hours - late morning) - Webcast
Overview
As IRS scrutiny of digital assets intensifies, CPAs must stay current on cryptocurrency taxation and reporting requirements. This focused 2-hour course provides a practical update on the federal income tax treatment of cryptocurrency transactions, emerging reporting rules, and current IRS enforcement initiatives.
Participants will review the tax implications of common digital asset transactions, including sales, exchanges, mining, staking, hard forks, and airdrops. The program emphasizes reporting requirements, including the Form 1040 digital asset question, Form 8949 reporting, and new broker reporting developments such as Form 1099-DA. Special attention is given to audit risk factors, documentation standards, and practitioner responsibilities in an evolving regulatory environment.
This session is designed to equip tax professionals with the tools needed to ensure compliance and confidently advise clients in today’s increasingly regulated digital asset landscape.
Highlights
Federal Tax Treatment of Digital Assets
- IRS classification of cryptocurrency as property
- Tax consequences of sales and exchanges
- Mining and staking income
- Hard forks and airdrops
Reporting Requirements and Compliance
- Form 1040 digital asset disclosure
- Form 8949 and Schedule D reporting
- Schedule C considerations
- Overview of broker reporting rules and Form 1099-DA developments
IRS Enforcement Trends
- Exchange reporting and John Doe summonses
- IRS compliance campaigns
- Civil penalties and potential criminal exposure
- Audit risk indicators
Practitioner Considerations
- Documentation and substantiation best practices
- Client interview strategies
- Ethical responsibilities in digital asset reporting
Designed For
CPAs and tax professionals
Objectives
Upon completion of this program, participants will be able to:
- Identify the federal income tax treatment of common cryptocurrency transactions under current IRS guidance.
- Determine appropriate reporting requirements for individuals and businesses engaging in digital asset activities.
- Recognize key IRS enforcement trends and audit risk factors related to cryptocurrency transactions.
- Apply practical compliance and documentation strategies to mitigate reporting risks.
Leader(s):
Leader Bios
Nicholas Preusch, Don Farmer Tax Education
Nick Preusch, CPA, J.D., LL.M., MSA, has a primary focus of performing tax services relating to emerging issues and complex tax transactions. He works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation.
Nick started his career with the Internal Revenue Service (IRS) as a revenue agent, and then as an attorney at the IRS National Office in Washington, D.C., where he was the lead attorney for several significant tax ethics cases.
Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA's Tax Advisor and Journal of Accountancy along with CCH's Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA's Top 5 Under 35. In 2018, he was named to CPA Practice Advisor's Top 40 Under 40. In 2018, he was part of the AICPA's New Face of Tax ad campaign. Nick has been a member of the AICPA's Tax Practice Responsibilities Committee, Tax Executive Committee and Professional Ethics Executive Committee.
(4/15/26)
Non-Member Price $109.00
Member Price $89.00