Total Credits: 2 including 2 Taxes - Technical
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.
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
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
Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase |
IRS Credit Instructions (265.8 KB) | Available after Purchase |
Donating Cryptocurrency and Avoiding Traps for the Unwary Handout (578.5 KB) | Available after Purchase |
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.
Wed, Dec 11, 2024 - 09:00am to 10:49am PST
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Mon, May 19, 2025 - 07:00am to 08:49am PDT
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Wed, Jun 11, 2025 - 09:00am to 10:49am PDT
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Mon, Jun 16, 2025 - 07:00am to 08:49am PDT
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Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
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
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