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e20230321 Navigating uncertainty of US taxation in cryptocurrencies

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Programme Code:
e20230321
Date:
18 April 2024 (Thursday)
Speakers:

Ms Vivien Lau, Partner, US Tax Consulting Services, PwC Hong Kong

Mr Marcus Chan, Senior Manager, US Tax Consulting Services, PwC Hong Kong

Language:
English
Venue:
e-seminar
Proficiency Level:
Elementary Level
Fee:
$150
CPD Hours:
1.5
Seat:
100
Event Categories:
,
Free Preview:
https://youtu.be/9J8FfFOOi7Y

Description


Please be reminded that this is an e-seminar which can be accessed anytime to obtain the CPD hours.

Cryptocurrencies are a new and rapidly evolving asset class, with several characteristics that make them unique from a US taxation perspective. Existing rules have not typically been developed with cryptocurrencies in mind.

In the market, there has been a number of high-profile crypto business model failure, such as the bankruptcy of FTX. The recent upgrade to the Ethereum network, shifting from proof of work to proof of stake, will mean more market participants earning staking income. Further, there has been an increasing trend in the use of the stablecoins. All these pose questions on how they should be treated from a US tax perspective.

In this seminar, the speakers will discuss at a high level the US tax consequences of cryptocurrency activities as well as provide tax regulatory updates in relation to cryptocurrencies.

Key topics will include the following:

  • General overview of US taxation
  • What are cryptocurrencies and what are the different types of cryptocurrencies?
  • How does the US tax authorities tax income from cryptocurrencies activities, e.g. airdrop, staking, hard folk, exchange of stablecoins, FTX crypto loss?
  • What guidance has been issued to date in relation to cryptocurrencies?

No CPD hours will be granted if you have already attended the live webinar on 21 March 2023.

Speaker Profile

Ms Vivien Lau, Partner, US Tax Consulting Services, PwC Hong Kong

Vivien is a US tax partner of PwC Hong Kong. She brings extensive US and international tax experience from working with clients in both external adviser and in-house counsel capacities. She helps clients navigate the constantly evolving tax landscape by offering practical advice and developing optimal solutions with clients and their stakeholders.

Vivien has led and participated in various US and international tax consulting projects including helping clients design and implement integrated global tax strategies that achieve business objectives and address tax opportunities and risks. Specifically, her experience in the M&A space includes partnering with clients and their stakeholders to manage various tax aspects throughout the deal life cycle from identifying and assessing risks in the buy-side and vendor due diligence process, reviewing transaction agreements, structuring investments to optimize holding, financing and cash flows, reviewing purchase price allocation, to post-deal integration, refinancing, ensure tax reporting obligations are fulfilled, legal entity rationalization, restructuring, value extraction, preparing for disposal, cash repatriation, and liquidation. In addition, she has presented in seminars on various US tax topics.

Vivien holds a Bachelor of Science in Commerce and a Master of Science in Accounting-Tax Consulting from the University of Virginia. She is a licensed US Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Mr Marcus Chan, Senior Manager, US Tax Consulting Services, PwC Hong Kong

Marcus Chan is a US tax senior manager of PwC Hong Kong. He is experienced in providing US tax and international tax services to local and multinational clients in various industries.

He has affluent experiences in providing US tax consulting services on US outbound and inbound transactions, including tax due diligence and deal structuring, pre-IPO tax structuring, as well as, advising on various US tax technical issues, such as analysis on passive foreign investment company and controlled foreign corporation, as well as crypto taxation. He is also a trusted advisor for asset management clients in assisting them with fund formation and structuring, carried interest planning, unrelated business taxable income analysis and annual US tax compliance.

He has the expertise in advising the impact of US FATCA and CRS rules to his clients in financial services industry and assisting his clients to implement their US FATCA and CRS compliance program. He was working in a global investment bank as a member of the US FATCA and CRS competency centre in an in-house capacity.

Marcus holds a Bachelor of Business Administrations in Professional Accountancy from the Chinese University of Hong Kong. He is a licensed US Certified Public Accountant and members of the Hong Kong Institute of Certified Public Accountants and Institute of Chartered Accountants in England and Wales.

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