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Dealing with the New Virtual Currency Question on Form 1040 Schedule 1
Taxation Section
Credit(s):
1 Legal Specialization in Taxation Law
1 Participatory MCLE Credits
• Understand the basic operation of virtual currency and Notice 2014-21 that treats it as property. • Describe Rev. Rul. 2019-24 and FAQs on virtual currency. • Describe the new virtual currency question on Form 1040 Schedule 1 for 2019 and considerations in explaining it to clients to help them answer that question. • Gain awareness of some virtual currency tax issues.
Major Topics Include: • Definition of virtual currency. • Notice 2014-21 that treats convertible virtual currency as property. • Tax issues regarding virtual currency and overview and status of IRS guidance on these issues. • Understanding the new virtual currency question on Form 1040 Schedule 1 and advising clients on it.
1 Legal Specialization in Taxation Law
1 Participatory MCLE Credits
All
Standard
Non-Member
$45.00
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