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 : 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.
Program
Content:
- NFT basics
- Classification of NFTs
- Current Legislative and Policy Environment
- Tax implications of creation, sales and
exchanges of NFTs.
Learning objectives:
- By the end of the course, the participant should be able to:
- 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.