Donating Cryptocurrency and Avoiding Traps for the Unwary
Available Until
On-Demand Only
2.00 Credits
Member Price $79.00
Non-Member Price $109.00
Overview
Description:
As the digital asset market continues to mature, more taxpayers may be contemplating blessing their favorite charitable organizations with gifts of cryptocurrency. Beneficiaries unfamiliar with digital assets may find it challenging to properly report any of these types of donations. Likewise, taxpayers will need to ensure that they properly value and substantiate any contributions or potentially risk their charitable deductions being denied. This course will provide a brief overview of digital assets. This will be followed by a discussion of the rules regarding the documentation required when claiming a charitable contribution of digital assets. This course will also cover recent IRS publications and cases discussing taxpayers whose deductions of digital assets charitable gifts was scrutinized.
Learning Objectives:
After attending this presentation, you will be able to...
- Recognize what constitutes digital assets.
- Determine the differences between cryptocurrency and NFTs.
- Identify the IRS forms needed to report digital asset contributions.
- Calculate the value of the contribution.
- Compare differences in required substantiation based on the amount of the contribution.
- Recall the latest rulings by the Treasury Department and courts on these contributions.
Program Content:
The major topics that will be covered in this course include:
- Intro to digital assets.
- Differences between cryptocurrency and non-fungible tokens (NFTs).
- IRS Notice 2014-12.
- Tax implications of contributing digital assets.
- Gift tax rules for donating, gifting or bequeathing cryptocurrency and NFTs.
- Substantiating charitable contributions of digital assets
- Traps for the unwary.
Who should attend?
This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals
Developed By:
Allison McLeod
Instructor:
Allison McLeod
Leader(s):
Leader Bios
Allison McLeod, Business Professionals Network Inc ACPEN
Allison McLeod, CPA, JD Professor Allison McLeod is currently a full-time Senior Lecturer at the University of North Texas, and has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxation, Individual Taxes, Tax Research, Ethics and Financial Accounting. Prior to going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. She is a member of the Professional Ethics Committee for the Texas Society of CPAs and works part time for the Dallas law firm of Grable Martin Fulton, PLLC.
Non-Member Price $109.00
Member Price $79.00