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2023 Digital Asset Tax Update

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Description

2023 Digital Asset Tax Update
IRS Program #: X9QQU-T-00967-23-O
CTEC #: 6257-CE-0145
CE: 2 IRS & 2 CTEC credits
Speaker: Matt Metras, EA

The taxation of digital assets is a fast-paced and quickly changing environment. We’ll review what’s new in the DA world and the tax implications that go along with it. While the IRS has issued little substantial authority in this area, there have been a number of developments in informal IRS guidance.We'll review the guidance to date and apply to real world client scenarios.

We'll cover:

  • Notice 14-21
  • Revenue Ruling 19-24
  • FAQ
  • IRC § 6045(c) 
  • CCA 202035011 - Micro Tasks
  • CCA 202124008 - §1031 Exchanges
  • CCA 202114020 -  BCH Fork
  • CCA 202302011 -  Losses in General
  • CCA 202302012 - Donations of Digital Assets
  • CCA 202316008 - ETH Merge
  • Notice 2023-27 - NFTs as collectibles
  • Notice 2023-34 - Bitcoin as legal tender in foreign jurisdictions
Learning Objectives:
  • Review pre-existing IRS Guidance on digital assets
  • Evaluate recent IRS Guidance related to digital assets
  • Identify client situations lacking defined guidance
  • Analyze client situations to apply taxation principles where no guidance exists

Contributors

  • Matthew Metras, EA

    Matt Metras, EA is the owner of MDM Financial Services in Irondequoit, NY. He has been practicing since 2003 and specializes in bookkeeping and taxation for cryptocurrency clients. He is a frequent guest on the Bitcoin Taxes podcast. He has instructed on Cryptocurrency Taxation for the National Association of Enrolled Agents, The American Institute of Certified Tax Planners and many other organizations and is a contributing writer for thinkoutsidethetaxbox.com. Matt serves on NAEA's Governmental Relations Committee and Diversity, Equity and Inclusion Task Force. Additionally, he is an administrator of the “Bitcoin & Cryptocurrency Tax Info” Facebook group and a moderator of the r/cryptotaxation subreddit. Matt is also a passionate community advocate and serves on his local Board of Education.

June 7, 2023
Wed 1:00 PM EDT

Duration 2H 0M

This live web event has ended.