(Webcast) Taxation of Virtual Currency and IRS Enforcement Initiatives

Thursday, August 5, 2021 | 6:00 pm – 7:30 pm

 

Program Co-Chair:
Stephen Josey
Kostelanetz & Fink, LLP

Program Co-Chair:
Kathleen O’Keefe
Mayer Brown LLP

Program Co-Chair:
LaShawn Oxendine
Norris McLaughlin, P.A.

Program Co-Chair:
Shira Peleg
Greenberg Traurig, LLP

Program Co-Chair:
Tyler Rutherford
Research Assistant
Elisabeth Haub School of Law
Pace University

Program Co-Chair & Moderator:
Sebastian Weiss
Sebastian A. Weiss, Esq., L.L.M., P.C.

  • The CLE will include an in depth discussion of hot topics in the taxation of virtual currency. The panelists, both current and former IRS Office of Chief Counsel attorneys and professionals, will provide tips and guidance on compliance and reporting issues and navigating IRS audits and information requests. The panel will also discuss IRS initiatives to investigate tax crimes involving virtual currency, and recent IRS developments and official guidance.

    Program Fee:
    $149 for Members | $249 for Nonmembers
    Small Law Firm: $79 for Members

    Members who are Law Students, Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2019-2021), In-House/Corporate Counsel, Judges, and attorney members who practice within the Government, Academic or Not-for-Profit sectors attend this program for free.

  • Seth Wilks
    TaxBit

    John D. (Don) Fort
    Kostelanetz & Fink LLP

    Laurie Kazenoff, Esq., LL.M. (Taxation).
    Kazenoff Tax Law PLLC

    Jonathan Larsen
    IRS Criminal Investigations

  • 6:00 pm – 6:05 pm
    Introduction of Panelists and Overview of the Program

    6:05 pm – 6:20 pm
    Virtual Currency: The Basics

    • Overview of virtual currency (e.g., blockchain, cryptocurrency)
    • Virtual currency tax concepts (e.g. airdrops, mining, hard forks/soft forks, what constitutes a taxable event)
    • IRS Notice 2014-21

    6:30 pm – 6:40 pm
    Compliance and Reporting Issues

    • Reporting virtual currency transactions on IRS Form 1040 and Form 1040-NR
    • Why specialized software is needed to address crypto transactions
    • Compliance & reporting issues for both retail and institutional investors
    • How to simplify compliance, and how it is useful for controversy
    • How & whether to fix prior reporting issues

    6:40 pm – 6:55 pm
    Navigating IRS Audits & Voluntary Disclosures

    • Reportable Transactions
    • Offer in Compromise
    • Voluntary Disclosures
    • Enlisting the right team and tools to address tax audits

    6:55 pm – 7:20 pm
    IRS Civil Considerations and IRS Criminal Investigation Pursuits

    • IRS initiatives to investigate tax crimes in the industry
    • Information disclosure requests
    • John Doe & Summonses
    • Operation Hidden Treasure
    • Factors influences categorization of cases as civil or criminal

    7:20 pm – 7:30 pm
    Q&A

  • New York: 1.5 Professional Practice
    New Jersey: 1.8 General
    California: 1.5 General
    Pennsylvania: 1.0 General
    Connecticut: Available to Licensed Attorneys

  • Sponsoring Association Committees:
    Personal Income Taxation, Jeremy H. Temkin, Chair
    Small Law Firms, Anne Wolfson, Chair
    Technology, Cyber & Privacy Law, Sylvia Khatcherian, Chair

    Co-Sponsoring Organization:
    Small Law Firm Center

    Sponsorship Opportunities are Available! Please Contact:
    Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org