Taxation of Non-fungible Tokens (NFTs) (Completed)

Date: Tuesday, July 5, 2022
Instructor: Allison McLeod
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC

Non-fungible Tokens (NFTs), unique, identifiable digital assets based on blockchain technologies, have become a fast-growing industry. This course will provide a background on how NFTs came into the mainstream marketplace. These materials will assist the practitioner to understand the tax implications of the creation, purchase, and sale of these assets.

Who Should Attend
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.

Topics Covered

  • NFT basics
  • Classification of NFTs
  • Current Legislative and Policy Environment
  • Tax implications of creation, sales, and exchanges of NFTs

Learning Objectives

  • Describe NFTs and describe how they are created
  • Recognize how to develop a working knowledge of how NFTs are recorded and transferred
  • Identify what type of transaction involving an NFT creates a taxable event
  • Recognize how to identify how NFTs are classified
  • Identify the current legislative environment and actions taken to regulate NFTs
  • Recognize and apply current enforcement actions employed by the IRS

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None

 Chat — Books Support