State Taxation of Digital Assets: Sales Taxation of Cryptocurrency and NFT Transactions
Accepting Virtual Currency as Payment, Multistate Treatment of NFT Sales
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax professionals and advisers guidance on the state taxation of virtual currency and nonfungible tokens (NFTs). The panel will discuss the state tax implications of selling cryptocurrency and NFTs, accepting virtual money as payment, the application of sales tax, and planning techniques to minimize tax liability.
Outline
- Overview of federal taxation of virtual currency
- State conformity to IRS treatment of virtual currency
- Sales taxation cryptocurrency transactions
- Taxation of NFTs
- Key considerations and tax planning techniques to minimize state tax liability on virtual currency and NFTs
Benefits
The panel will discuss these critical areas:
- IRS treatment of virtual currency and current state regulations
- Sales tax implications of accepting virtual currency as payment
- Mining virtual currency and challenges for investors
- Minimizing state tax liability in virtual currency transactions
Faculty
Rebecca M. Balinskas
Of Counsel
Morrison & Foerster
Mrs. Balinskas is of counsel in the State and Local Tax Group in Morrison & Foerster’s New York... | Read More
Mrs. Balinskas is of counsel in the State and Local Tax Group in Morrison & Foerster’s New York office. Her practice focuses on state and local tax controversies at the audit, administrative, and judicial levels. Mrs. Balinskas’ practice encompasses matters regarding sales and use tax, property tax, franchise and income tax, gross receipts tax, insurance tax, and telecommunications tax, among others.
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Edward L. Froelich
Of Counsel
Morrison & Foerster
Mr. Froelich represents clients in audit and litigation on all Federal tax issues. He is a former trial attorney... | Read More
Mr. Froelich represents clients in audit and litigation on all Federal tax issues. He is a former trial attorney of the Department of Justice Tax Division. In private practice he continues to litigate cases and represents clients in administrative controversies at both the audit and appeals level before the IRS. He represents large public companies, privately-held companies, partnerships, trusts, and individuals, successfully dealing with a variety of issues including international tax, transfer pricing, income tax accounting, research credit, and accounting method issues. He also advises on related procedural issues including obligation to file information returns such as those relating to employment taxes or to payment card transactions.
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John E. Hayashi, JD
Managing Director, Tax
BPM
Mr. Hayashi serves as a Managing Director of Tax at BPM, with nearly 30 years of public accounting and private... | Read More
Mr. Hayashi serves as a Managing Director of Tax at BPM, with nearly 30 years of public accounting and private industry experience in State and Local Taxes (SALT). He helps his clients respond to SALT issues, with a specialization in sales tax and use tax that's currently in high demand after the Supreme Court's decision in South Dakota v. Wayfair, Inc. (2018). Mr. Hayashi is a leader in BPM's SALT group, which serves as a single point of contact for clients to analyze their state and local tax liabilities, as well as state and local tax deductions. He listens to client needs to plan and implement strategies that minimize identified liabilities.
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