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2024 July Solutions Room: Digital Assets

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Description

2024 July Solutions Room: Digital Assets
IRS Program #:
X9QQU-T-01171-24-O
CTEC #: 6257-CE-0327
CE: 1 IRS and 1 CTEC credit
Speaker: Michael Miranda

Digital assets is a decentralized digital currency. The term “Digital assets” generates countless amounts of uncertainty and anxiety among tax professionals. The language single-handedly strikes apprehension among us.

A digital currency is a digital representation of value only available electronically. It is stored and transacted through designated software, mobile, or computer applications. Transactions occur through secure, dedicated networks or the internet. They are issued by private parties or groups of developers and are mostly unregulated.
This course will provide you with the confidence to deal with digital assets and will enlighten tax professionals on this crazy subject.

Learning Objectives:

  • Survey recent Treasury and IRS guidance
    Define digital assets
  • Examine and translate Crypto and digital asset’s Vocabulary
  • Demonstrate types of transactions
  • Differentiate modes of “Wallets”
  • Review the ledger system and its methodology for digital assets transactions
  • Discuss common digital assets tax events
  • Inspect the 18 tax principles
  • Analyze IRS Notices, Revenue Rulings, FAQs concerning “Digital assets”
  • Clarify the provisions of new Infrastructure Bill
  • Critique recent Chief Counsel Advices
  • Analyze new digital currency tax situations using know tax principles
  • Assess any FinCEN regulations
  • Identify and discuss Form 8938 requirements
  • Formulate best practices concerning digital assets
  • Establish appropriate “due diligence” policies and procedures for our tax practices.

Contributors

  • Michael R. Miranda CPA, QKA, NQPC, AEP

    Bringing 48 years of experience in tax consulting, estate planning, and employee benefits to his work as an independent consultant, Michael is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, SD. His tax practice focuses on corporate, individual, estate and gift, and tax accounting. He also provides employee benefit planning and consultation services for qualified, non-qualified, and health and welfare benefit plans. As part of his IRS representation practice, Michael has worked with the National Office to obtain private letter rulings for clients, in addition to numerous EPCRS submissions and audits. As a nationally recognized tax speaker, he maintains an active schedule presenting webinars and seminars on tax law, employee benefit planning, and estate planning.

    Michael spent much of his career as a CPA with a regional CPA firm located in Northwestern Iowa, retiring after 27 years as a senior manager-shareholder with this firm. His career started as a Tax Specialist with a Big 8 accounting firm in their South Bend and Minneapolis offices, providing tax and estate planning for individuals and small to medium-sized businesses. He has earned professional designations including CPA, QKA, NQPC and AEP. Michael maintains professional memberships with the American Institute of Certified Public Accountants (AICPA), the American Society of Pension and Professional Actuaries (ASPPA), National Association of Enrolled Agents (NAEA), and the National Association of Estate Planning Councils (NAEPC).

    Michael resides in Sioux Falls, SD with his wife Jeanette. Outside of his professional practice, Michael is a cellist with the Sioux City Symphony Orchestra. When he is not working, his time is spent with various activities, including traveling with his wife and playing golf.


July 11, 2024
Thu 4:00 PM EDT

Duration 1H 0M

This live web event has ended.