(Webinar) Blockchain: Tax, Trust and Estate Issues

Monday, June 12, 2023 | 12:00 pm – 2:30 pm

Program Co-Chairs:

Kevin Matz
Arent Fox Schiff LLP

Jonathan Schorr
Tjong & Hsia LLP

  • Hot Topics In Tax and Trust and Estates relating to Crypto Currency and the Blockchain

    The Tax Discussion will provide an overview of key notices and filing requirements along with areas that require further guidance including treatment for foreign investment in cryptocurrency and the 864 Safe Harbor.

    Emerging areas such as insurance for addressing tax risks related to the Blockchain and other structuring considerations will also be covered, including timing and character of losses on crypto.

    Trust and Estate issues for Crypto Currency range from transfer planning and protecting cryptocurrency estate assets to various fiduciary/risk issues for estates and trusts.

    Program Fee:
    $179 Member | $279 Nonmember

  • Tax Faculty: 

    Brett Cotler
    Seward & Kissel LLP

    Sheldon Elefant
    Willis Towers Watson

    Bruce Giedra

    Lauren Lovelace
    Partner/Principal, EY

    Matthew Musano
    Ernst & Young LLP

    Jamison Sites
    Digital Assets Tax Principal
    PwC US

    Trusts and Estates Faculty: 

    Kristen A. Curatolo
    Kirkland & Ellis LLP

    Mikhail E. Lezhnev
    Phillips Nizer LLP

    Samuel Thomas
    Seward & Kissel LLP

  • 12:00pm – 12:15pm   Market Happenings around Crypto  

    • Why Blockchain and digital assets matter
    • Key terms for understanding digital assets including custody (CeFi and DeFi)  
    • Other crucial aspects of investing, such as Staking, Crypto Lending and Yield Farming; Governing/Managing the Network (DAOs) and the Use of Derivatives (SAFTs)

    Kevin Matz, Jonathan Schorr 

    12:15pm – 1:15pm    Key Tax Considerations 

    • Limited US federal income tax guidance and the more recent NFT Notice; how crypto is treated for purposes of the investment company definition; wrapping digital assets, lending cryptocurrency and Dao Structures 
    • Tax insurance applications will be examined given the tax uncertainty in the cryptocurrency space–insuring valuation and transfer pricing risks and using tax insurance to manage tax reserves otherwise required for financial reporting purposes 
    • Emerging issues relating to bankruptcy, losses, and tax treatment of receiving potential replacement assets in lieu of originally held assets 
    • International Tax Considerations in the blockchain space including the trading safe harbor, Subpart F and PFIC considerations, FDII opportunities, unusual offshore structures including foundations and foreign filing obligations 
    • State Tax considerations in the blockchain space including industry classification issues, nexus issues for digital natives, and apportionment and sourcing issues for unique digital asset revenue streams.

    Jonathan Schorr, Brett Cotler, Sheldon Elefant, Bruce Giedra, Lauren Lovelace, Matthew Musano 

    1:15pm – 1:20pm       Break

    1:20pm – 2:20pm      Trusts and Estates Issues 

    • Identifying holdings in cryptocurrency and protecting for transfer the private key 
    • Transfer of cryptocurrency under estate planning documents, including lifetime transfers 
    • Cryptocurrency as an estate asset including access issues for fiduciaries 
    • Appropriateness of cryptocurrency as a trust asset in light of huge risk given volatility

    Kevin Matz, Kristin Curatolo, Mikhail E. Lezhney, Samuel Thomas 

    2:20pm – 2:30pm      Q&A 

  • New York: 2.5 Professional PracticeNew Jersey: 2.7 GeneralCalifornia: 2.5 GeneralPennsylvania: 2.0 General

  • Sponsoring Association Committees:
    Taxation of Business Entities, Jonathan Schorr, Chair
    Estate and Gift Taxation, Kevin Matz, Chair


    Sponsorship Opportunities are Available! Please Contact:
    Yelena Balashchenko, Manager, Business Development & Sponsorships | (212) 382-6608 | ybalashchenko@nycbar.org