New IRS Regulations on Digital Asset Transactions: Broker Reporting Aspects

$45

FREE FOR BHBA MEMBERS

Join first, then login to BHBA+ to access this program.

Add to watchlist

View watchlist

New IRS Regulations on Digital Asset Transactions

Credit Hours:

1.75

Specialty Area:

Taxation Law

Credit Type:

General

Original Air Date:

July 23, 2024

Credit Eligible In:

California

You may be able to self apply for credits in states not listed. BHBA provides CLE accreditation as described above. Email for accreditation information in your state.

The regulations require brokers to file information returns and furnish payee statements that report gross proceeds and adjusted basis for digital asset transactions. They also mandate that real estate reporting persons file information returns and furnish payee statements for real estate purchasers using digital assets to acquire property. These rules are crucial for attorneys advising clients on the accurate reporting and compliance of digital asset transactions.

To provide a comprehensive understanding of these regulations, the Beverly Hills Bar Association is hosting two panels on July 23 and July 25, both at 10 AM PST. The first panel will focus on the broker reporting requirements, while the second panel will examine the broader implications, including the computation of gross proceeds and basis for digital asset transactions.

The first panel will guide attorneys on broker reporting requirements, covering obligations like filing information returns, payee statements, and compliance timelines. The second panel will address the broader implications, including the computation of gross proceeds and basis, and how new reporting requirements affect these metrics. Attorneys will gain crucial insights for advising clients on these regulatory changes.

Ask the speaker a question. Email and be sure to include the program name in the subject line.

Philipp Behrendt

|

Hochman Salkin Toscher Perez, PC

Philipp Behrendt is licensed in California as well as in Germany and assists in advising clients in civil and criminal tax controversies as well as international money laundering investigations stemming from tax avoidance structures. He also focuses on the technical aspects involved in advising voluntary disclosures in connection with DeFis, NFTs, and other crypto assets.

Prior to joining the firm, Mr. Behrendt worked for more than 5 years for a leading German tax firm, where he focused on representing wealthy individuals and companies in global tax settings, cross-border investigations and audit matters, as well as tax compliance issues arising from internationally functioning matrix structures. Mr. Behrendt obtained experience in handling complex voluntary disclosure issues for U.S. and other international companies, representing clients in German tax and criminal courts as well as in international money laundering investigations stemming from tax avoidance structures of the client’s business partners and customers. He has worked with client tax teams throughout Europe, the US as well as in the Arabic region.

Mr. Behrendt is an LL.M. graduate of the University of Southern California (USC) Gould School of Law, an LL.M. graduate of the University of Osnabrueck (Germany) as well as holds a law degree from the University of Greifswald (Germany).