2024 Taxation of Non-fungible Tokens (NFTs)

Overview

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 kori.herrera@acpen.com.

Highlights

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

Prerequisites

None

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 digital assets. All in-house and public practice professionals involved with tax compliance and planning will benefit from this timely and insightful seminar.

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

Preparation

None