Tax Treatment of Non-Fungible Tokens: Applicable Tax Rules, Characterization Issues, Crypto Transactions
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE course will provide tax counsel, accountants, and other advisers with critical analysis, non-fungible token (NFT) tax treatment, and reporting obligations for taxpayers and investors. The panel will discuss the difference between NFTs and other cryptocurrencies, IRS rules, and define proper reporting and tax treatment for NFTs.
Outline
- Overview of NFTs
- Applicable tax rules
- Characterization of NFTs and NFT transactions
- Treatment of costs for creating NFTs
- Reporting and compliance
- State and local tax considerations
Benefits
The panel will review these and other key issues:
- How are U.S. tax rules applied to NFTs and NFT transactions?
- What characterization issues arise for NFTs under current tax law?
- Are the costs associated with the creation of NFTs deductible?
- What are the reporting requirements and compliance pitfalls for NFTs and NFT transactions?
- What are the state and local tax challenges of NFT transactions?
Faculty
Jordan Bass, Esq., CPA
Founder
Taxing Cryptocurrency
Mr. Bass is a both a Certified Public Accountant (CPA) and a tax lawyer, and is the founder of Taxing Cryptocurrency.... | Read More
Mr. Bass is a both a Certified Public Accountant (CPA) and a tax lawyer, and is the founder of Taxing Cryptocurrency. He has an extensive background in financial accounting and taxation and is one of the leading crypto tax and accounting authorities for entrepreneurs and investors in the cryptocurrency and blockchain ecosystem. Mr. Bass leverages his in-depth knowledge of the crypto market with his tax expertise to help clients understand cryptocurrency tax and accounting implications while aiming to take the uncertainty out of planning and filing crypto taxes.
In addition to his work at Taxing Cryptocurrency, Mr. Bass is also the Accounting Manager for Horizen (formerly ZenCash), a privacy-oriented cryptocurrency that aims to enable an application-rich and inclusive ecosystem that provides people with complete control of their digital footprint.
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Jonathan Kalinski
Principal
Hochman Salkin Toscher Perez
Mr. Kalinski specializes in both civil and criminal tax controversies as well as sensitive tax matters including... | Read More
Mr. Kalinski specializes in both civil and criminal tax controversies as well as sensitive tax matters including disclosures of previously undeclared interests in foreign financial accounts and assets and provides tax advice to taxpayers and their advisors throughout the world. He handles both federal and state tax matters involving individuals, corporations, partnerships, limited liability companies, and trusts and estates. Mr. Kalinski has considerable experience handling complex civil tax examinations, administrative appeals, and tax collection matters. Prior to joining the firm, he served as a trial attorney with the IRS Office of Chief Counsel litigating Tax Court cases and advising revenue agents and revenue officers on a variety of complex tax matters.
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