STEVEN TOSCHER, MICHEL R. STEIN and EVAN DAVIS to Speak at Upcoming CalCPA – Cryptocurrency Tax Compliance: Tax Filing Requirements, Managing IRS Examinations
Posted by Hochman Salkin Toscher Perez P.C. 
Posted on Tuesday, May 07, 2024
We are pleased to announce that Steven Toscher, Michel R. Stein and Evan Davis will be speaking at the upcoming Strafford webinar “Cryptocurrency Tax Compliance: Tax Filing Requirements, Managing IRS Examinations” Thursday, May 9, 2024, 10:00 a.m. – 11:30 a.m. (PST).
The IRS continues to press its concern over “massive under-reporting” of income from cryptocurrency transactions, including recently charging the first “pure tax” cryptocurrency criminal case in February 2024. This is the first of many criminal cases against cryptocurrency holders promised by IRS Criminal Investigations. Tax advisers for clients with cryptocurrency holdings must understand the reporting requirements for exchange transactions and the IRS scrutiny cryptocurrency investors are likely to face in the future.
Cryptocurrency is a digital currency using encryption techniques–rather than a central bank–to generate, exchange, and transfer currency units. Uniquely, no bank or government authority verifies the transfer of funds.
The value of Bitcoin has prompted a massive compliance initiative aimed at taxpayers holding and trading cryptocurrency. The IRS treats all virtual currency as property rather than currency for U.S. tax purposes. The IRS requires reporting any transaction involving cryptocurrency as a sale or exchange of property, with the taxpayer bearing responsibility for calculating and maintaining basis in their virtual currency holdings.
Listen as our expert panel discusses recent IRS enforcement actions focused on cryptocurrency and provides practical guidance on the U.S. tax reporting and payment duties arising from cryptocurrency transactions.
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