Taxation of Non-fungible Tokens (NFTs)

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.

**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 leighanne.conroy@acpen.com.

Learning Objectives: 

• Be able to define NFTs and describe how they are created
  
• Develop a working knowledge of how NFTs are recorded and transferred
  
• Determine what type of transaction involving an NFT creates a taxable event
  
• Be able to identify how NFTs are classified
  
• Discuss the current legislative environment and actions taken to regulate NFTs.
  
• Become knowledgeable of current enforcement actions employed by the IRS. 

Key Topics:

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

Designed for: This course is suitable for 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. Allison McLeod

Level: Basic

Instructor: Allison McLeod

Developer: Allison McLeod

CPE Credits: 2

Area(s) of Study: Taxes - Technical

Prerequisite: None