FMN Taxes

FMN Plus-2023/Aug, Seg 1 - Cryptocurrency Part I: Cost Basis Reporting for Digital Assets

As cryptocurrency is a relatively new investment asset, the crypto tax rules remain a bit complicated to say the least. The important question is, how should these crypto transaction proceeds or returns be reported? As part of the Crypto Reporting Panel at the Kaplan International Tax Withholding and Information Reporting Conference, tax practitioners Cyrus Daftary, Tim Rappoccio, Stevie Conlon, Jill Dymtrow, and Erin Fennimore discuss the intricacies of cost basis reporting for digital assets.

Learning Objectives:

Upon completing this segment, you should be able to:

  • Recognize the variances between crypto lending and crypto staking
  • Describe the complexities behind transfer reporting and transformative events
  • Recognize the importance of the need for clarifying cryptocurrency regulations from the IRS
  • Describe the challenges behind reporting for wash sales and broker reporting for digital assets


Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.

Speakers / Authors:

Photo of Cyrus Daftary

Cyrus Daftary
Burt, Staples and Maner, LLP

Cyrus Daftary is is a partner at Burt, Staples and Maner, LLP, specializing in international taxation and regulatory compliance. Mr. Daftary has particularly extensive experience with the United States withholding and reporting rules for U.S. and non-U.S. persons, as well as the USA Patriot Act and various anti-money laundering regimes, the European Savings Directive, and e-commerce issues.

Mr. Daftary has worked with a large number of major financial institutions and multinational corporations, and continues to do so as an advisor and executive member of Compliance Technologies International, LLP. In this capacity, he addresses the problems associated with compliance obligations and implements operational, systemic processes, outsourcing, and IT solutions to ensure prospective compliance with these rules.

Mr. Daftary has extensively lectured and published in the areas of anti-money laundering, the European Savings Directive, international withholding and reporting, tax technology, and e-commerce topics as a part of both his academic and private practice. Mr. Daftary is a co-author of three editions of the E-Business Legal Handbook, and has taught courses on cyber-law, Internet taxation and e-commerce as an adjunct professor at Suffolk University School of Law, Northeastern University’s Master of Taxation program, and Suffolk University’s Frank Sawyer School of Business.

In 1990, Mr. Daftary graduated from Indiana University with a B.S. He earned his J.D. in 1994 from the University of Dayton School of Law and his LL.M. in 1996 from Temple University. He is admitted to practice in the District of Columbia, Indiana and Massachusetts.

Tim Rappoccio
Kaplan.

Stevie Conlon
Kaplan.

Jill Dymtrow
Kaplan.

Erin Fennimore
Kaplan.

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Price (USD)

Standard: $69.90

Details

Course Code : FMN1512-FM

Release Date : 08/10/2023
Expire Date : 03/14/2025
Credits :
CPE 2.00

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes

Theme : Corporate Tax Series

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