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.

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

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

Notice

This is an OnDemand course offered by a third-party vendor. To access the course after purchase, go to My NESCPA and then My CPE and click on My OnDemand. Individual courses are available 90 days from the date of purchase.