"Virtual currency" (e.g., Bitcoin, Ethereum, Litecoin) has become increasingly popular in today's economy. This development has invited increased IRS scrutiny of taxpayers that engage in various types of transactions utilizing this (relatively) new manner of exchange. Most recently in 2019, the IRS announced that it had begun to send letters to taxpayers involved in virtual currency transactions regarding the potential failure to report to such transactions properly and failure to pay the appropriate tax incurred as a result of such transactions. IRS Commissioner Chuck Rettig stated that "taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties." Rettig continued by saying, "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
Given the heightened focus of the IRS on virtual currency transactions, it is extremely important that taxpayers and their tax advisors understand the tax implications associated with buying, selling, and otherwise using virtual currencies, including the IRS' position regarding the appropriate tax treatment and reporting related to such transactions. This course, presented by J. Troy Terakedis, co-chair of Dickinson Wright's Tax Practice Group, will discuss these tax implications as well as address the various guidance that has been issued by the IRS which shed some light on how the IRS will treat virtual currency from a tax perspective.
Listed in Best Lawyers in America, 2009-present
Tax Law - "Lawyer of the Year 2017"
Listed in Ohio Super Lawyers, 2013-present
Listed in Ohio Super Lawyers, Rising Stars, 2005-2007
AV Preeminent Rated by Martindale Hubbell™
Columbus Business First “Forty under 40”, Class of 2009
Tax, corporate and general business counsel for companies in the technology, real estate, charter school management, manufacturing, distribution, retail, financial, insurance, legal, healthcare and other industries.
Advise closely-held and public companies in connection with federal income tax and other issues in structuring tax-free and taxable transactions including mergers, divestures, spin-offs, split-offs, asset sales and equity rollovers.
Assist companies and their owners in structuring and implementing employee stock ownership plans (ESOP) in connection with the sale of company stock to the ESOP, including advising with respect to deferral of gain recognition under IRC Section 104L2.
Counsel to closely-held companies regarding choice of entity and other structuring considerations.
Counsel to private equity funds regarding fund formation and tax-related matters, with an emphasis on federal partnership tax issues.
Advise both U.S. and foreign companies on cross-border merger, acquisitions, divestitures and other structuring issues.
Advise clients in connection with the formation of IC-DISCs, IRC Section 1031 exchanges, and other efficient income tax strategies.
Counsel companies on federal income tax and business matters related to the design and implementation of equity and similar compensation arrangements including partnership “profits interest” plans, stock option plans, phantom stock plans, stock appreciation rights, and other nonqualified deferred compensation programs.
Counsel to officers and directors of Fortune 500 companies, principals of private equity funds, owners of closely-held businesses and other high net worth individuals and executives on federal income tax, business succession planning, and estate and gift tax planning matters, including the formation of family limited partnerships and limited liability companies, grantor retained annuity trusts, sales to defective grantor trusts, qualified personal residence trusts, life insurance strategies, formation and funding of family foundations, charitable lead and remainder trusts, and other sophisticated wealth transfer and asset protection strategies.
“Taxation of Partnerships and Flow-Through Entities”, The 57th Annual Cleveland Tax Institute, Cleveland Metropolitan Bar Association, Cleveland, Ohio, December 3, 2014
“Purchase, Sale, Exchange, and Retirement of Partnership and LLC Interests”, Choosing the Best Business Entity for your Client’s New Business, Sterling Education Services, Inc., Cleveland, Ohio, May 16, 2012
“M&A for Small Businesses – Buyer’s Side”, Columbus Bar Association, Columbus, Ohio, April 11, 2012
“Demystifying the Complexity of Section 704(b) Allocations and the Passive Loss Rules”, 2009 Mega Tax Conference, Ohio Society of CPAs, Columbus, Ohio, December 2, 2009
“Section 83 and Taxation of Compensatory Partnership Interests”, Taxing Matters, Columbus Bar Association, Columbus, Ohio, December 13, 2006
more speculation on possibilities of future government attempts to better track these transactions might help avoid possible inadvertent future compliance failures.
Fascinating new topic not adequately covered elsewhere.
The presentation of this lecture was excellent and understandable even if you have only beginner's experience with cryptocurrency.
Good, clear speaking voice and cadence. Also, very informative to this newbie. Thanks
Something attorneys really need to get smart on especially if there are in international finance
help me to identify issues for clients
Cogent, concise. Informative.
A very straight summary of bitcoin as a concept and an exchange medium. The explanation of the IRS rule and tax treatment is well explained and easily understood.
Great presentation. Very informative.
Good materials Good information Good information
Very informative regarding basic tax implications and reporting requirements in connection with the acquisition and use of cryptocurrency.
It was very comprehensive. I enjoyed the presentaiton.
This was enjoyable
Very good explanation of a difficult topic. Highly useful.
This is the FIRST cryptocurrency course I have taken that adequately explained V.C. creation, valuation, vocabulary, timing, basis, tax consequences, etc. Outstanding job! You packed in a tremendous amount of content in only one hour. Thank you.
I’m Interest in bitcoin
Interesting material on new technologies.
Interesting subject matter. The presenter provided definitions, procedures, and tax information on cryptocurrency. The presentation gave me insight into how cryptocurrency plays a part in everyday life. Taxation of cryptocurrency was discussed.
A good introduction with primary source materials to reference
Good walk through on IRS directions concerning cyber currency.
Very interesting topic!
It was great
really informative webinar!
Good explanation of what virtual currency is all about
Absolutely fascinating and we need more seminars on this topic.
Extremely informative, well-organized treatment of a completely new and different (for me) topic
I liked the course
Very interesting topic and very thoroughly presented!
This was a very informative session that I enjoyed!
Very very well structured and clear
I've been trying to understand the technical aspects of cryptocurrency for a very long time and Troy finally put in a concise presentation. Perhaps it took the tax consequences to fully understand it. Excellent course!
Excellent presentation and very thorough.
Very well done and super concise
Great presentation - loved it. Thank you so much for explaining a complicated subject into easily understood terms.
Explained complicated material in an easily understandable fashion.
cleared up a lot of questions about how virtual currency works and is taxed!
Very interesting material!
Learned a great deal on this one. Thanks!
timely and informative
Clear and well-organized.
The playback was really bad on this one, the program itself was well done.
Very informative program.
Wonderful lecture on these issues!
excellent in an emerging field
Very timely topic. Excellent detail.
This is a very complex and rapidly changing area of the law. The presentation was well done.
Wonderful! Very informative and I now understand what is Bitcoin.
EXCELLENT presentation. informative. Knowledgable
Most outstanding and interesting. A must for anyone wanting to understand blockchain and currencies. A very competent presentation.
Excellent! Interesting and informative presentation.
Complicated and still-novel topic for me, but instructor did a good job of identifying key issues for me and also highlighting areas where the IRS' interest was focused.
Interesting subject and a great presenter!