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Donating Cryptocurrency and Avoiding Traps for the Unwary


Total Credits: 2 including 2 Taxes - Technical

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Categories:
ACPEN Tax Institute |  Tax |  IRS Approved
Faculty:
Allison M. McLeod, LL.M., CPA
Course Levels:
Basic
Duration:
2 Hours
License:
Product Setting: Expires 30 day(s) after program date.

Dates


Description

As the digital asset market continues to mature, more taxpayers may be contemplating blessing their favorite charitable organizations with gifts of cryptocurrency.  Beneficiaries unfamiliar with digital assets may find it challenging to properly report any of these types of donations.  Likewise, taxpayers will need to ensure that they properly value and substantiate any contributions or potentially risk their charitable deductions being denied. This course will provide a brief overview of digital assets.  This will be followed by a discussion of the rules regarding the documentation required when claiming a charitable contribution of digital assets.  This course will also cover recent IRS publications and cases discussing taxpayers whose deductions of digital assets charitable gifts were scrutinized.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
 

Basic Course Information

Learning Objectives
  • Discuss what constitutes digital assets

  • Determine the differences between cryptocurrency and NFTs

  • Be able to identify the IRS forms needed to report digital asset contributions

  • Understand how to properly establish the value of the contribution

  • Know the differences in required substantiation based on the amount of the contribution

  • Understand the latest rulings by the Treasury Department and courts on these contributions


Major Subjects
  • Differences between cryptocurrency and non-fungible tokens (NFTs)

  • IRS Notice 2014-12

  • Tax implications of contributing digital assets

  • Gift tax rules for donating, gifting or bequeathing cryptocurrency and NFTs

  • Substantiating charitable contributions of digital assets

  • Traps for the unwary


Course Materials

Faculty

Allison M. McLeod, LL.M., CPA's Profile

Allison M. McLeod, LL.M., CPA Related Seminars and Products


Allison M. (Yee) McLeod, LL.M., JD, CPA, is currently a Senior Lecturer at the University of North Texas in Denton, Texas.   She received Bachelor of Business Administration and Juris Doctor degrees from Baylor University, and a Master of Legal Letters (LL.M.) degree specializing in Taxation from the Southern Methodist University School of Law. Professor McLeod has also studied British and Art History at the University of Sussex, England. 

Prior to joining the UNT faculty in 2010, Professor McLeod held the position of Director of Tax Planning and IRS Audits for Lehigh Hanson North America, a major manufacturer of cement, aggregates and other building materials. Her practice included both federal and international tax planning. Professor McLeod also spent thirteen years specializing in Tax Planning with the JCPenney Corporation, Inc., and two years with Deloitte & Touche in Dallas.

Professor McLeod has taught at the university level graduate classes on Ethics, Tax Research, Multi-jurisdictional Taxation and Corporate Income Tax.   She also lectures in Financial Accounting and Individual Taxation on an undergraduate level.  She has taught at the UNT College of Law as adjunct faculty and works part-time at the law firm of Grable Martin Fulton, PLLC.   Since 2011, Professor McLeod has been honored to present live and on-line ethics CPE classes to CPAs across the nation.  She also serves as an expert witness in accounting malpractice cases and maintains a small private practice serving individuals and small businesses.  Professor McLeod has also taught at the University of North Texas College of Law as adjunct faculty.  She is currently serving on the Professional Ethics Committee of the Texas Society of CPAs.

Professor McLeod is licensed to practice law by the State Bar of Texas since 1992 and has been a Certified Public Accountant since 1993.  


Dates

Wed, Oct 09, 2024 - 12:00pm to 01:49pm EDT
Mon, Oct 21, 2024 - 10:00am to 11:49am EDT
Wed, Nov 13, 2024 - 12:00pm to 01:49pm EST
Mon, Nov 18, 2024 - 10:00am to 11:49am EST
Wed, Dec 11, 2024 - 12:00pm to 01:49pm EST
Mon, Dec 16, 2024 - 10:00am to 11:49am EST
Wed, Jan 08, 2025 - 12:00pm to 01:49pm EST
Mon, Jan 20, 2025 - 10:00am to 11:49am EST
Wed, Feb 12, 2025 - 12:00pm to 01:49pm EST
Mon, Feb 17, 2025 - 10:00am to 11:49am EST
Wed, Mar 12, 2025 - 12:00pm to 01:49pm EDT
Mon, Mar 17, 2025 - 10:00am to 11:49am EDT
Wed, Apr 09, 2025 - 12:00pm to 01:49pm EDT
Mon, Apr 21, 2025 - 10:00am to 11:49am EDT
Wed, May 14, 2025 - 12:00pm to 01:49pm EDT
Mon, May 19, 2025 - 10:00am to 11:49am EDT
Wed, Jun 11, 2025 - 12:00pm to 01:49pm EDT
Mon, Jun 16, 2025 - 10:00am to 11:49am EDT

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs,  Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals or businesses that use or invest in cryptocurrency.  All in-house and public practice professionals involved with tax compliance and planning will benefit from this timely and insightful seminar.
Original Recording Date 09/23/24
Course Developer Allison McLeod
Date Added to Catalog 09/23/24
Yellow Book No

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199). 


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


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