Many attorneys, accountants, and advisors struggle with the ever-changing terminology used by enthusiasts of cryptocurrencies and digital assets, as well as how to apply tax law to determine the results of the myriad transactions that are possible.

This presentation will help define the terminology, explain how it's used, and provide a framework to apply the new technology and terminology to existing tax law, as well as gain an understanding of the various proposals from Congress and state legislatures, and the regulatory efforts from the Treasury and IRS.

While the terminology and transactions may be difficult to understand, this presentation will help quiet the noise from internet tax advisors to provide concrete guidance.What You'll Learn:Cryptocurrencies, NFTs, Tokens, Coins, etc. (Digital Assets)

• Description of the Types of Assets and Alphabet Soup

Federal Income Taxation of Digital Assets

• Notice 2014-21 (Property V. Currency)
  
• Capital V. Ordinary
  
• Can I Deduct My Losses?
  
• Rewards: Mining; Staking, Baking, and the Jarretts
  
• Airdrops, Soft Forks, and Hard Forks
  
• NFTs
  
• Other Tokens

State-Specific Income Tax Issues (Sourcing and Sales Taxes)

• Sourcing for Income Tax and Sales Tax Issues
  
• Whether Sales Tax Will Be Imposed

Backup Withholding Issues

• Defining Backup Withholding
  
• Explaining How It Is Used
  
• Proposed Regulations From Treasury/IRS