New IRS Guidance for the Taxation of NFTs: Applicable Tax Rules, NFT Transactions, Issues for Attorneys and Taxpayers
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE webinar will provide tax counsel, accountants, and other advisers with a critical analysis of new IRS guidance regarding the tax treatment of non-fungible tokens (NFTs) and reporting obligations for taxpayers and investors. The panel will discuss recent IRS Notice 2023-27, treating NFTs as collectibles and the impact on taxpayers. The panel will also discuss the difference between NFTs and other cryptocurrencies, outline applicable IRS rules, and discuss proper reporting for NFTs.
Outline
- Overview of NFTs
- Applicable tax rules
- IRS Notice 2023-27
- Characterization of NFTs and NFT transactions
- Reporting and compliance
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 in light of IRS Notice 2023-27?
- What are the reporting requirements and compliance pitfalls for NFTs and NFT transactions?
Faculty
Andrew B. Gordon, CPA
President; Tax Attorney
Gordon Law Group
Mr. Gordon concentrates on tax controversy and compliance, cryptocurrency law, FTC defense, internet law, and corporate... | Read More
Mr. Gordon concentrates on tax controversy and compliance, cryptocurrency law, FTC defense, internet law, and corporate litigation. He’s also popular among tech startups and affiliate marketers looking to stay on the right side of the legal fence while enhancing their bottom lines and minimizing liability.
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Sean P. McElroy
Attorney
Fenwick & West
Mr. McElroy advises clients, including early-stage startups, unicorns, and Fortune 100 multinationals on a wide array... | Read More
Mr. McElroy advises clients, including early-stage startups, unicorns, and Fortune 100 multinationals on a wide array of domestic and international tax planning and tax controversy matters.
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Nicholas C. Mowbray
Counsel
BakerHostetler
Mr. Mowbray focuses his practice on U.S. federal income tax matters, with an emphasis on international tax and the... | Read More
Mr. Mowbray focuses his practice on U.S. federal income tax matters, with an emphasis on international tax and the taxation of financial products. He regularly advises clients on ways to enhance the tax efficiency of commercial transactions and operating structures, including outbound investments by U.S. multinationals, inbound investments by non-U.S. multinationals, the structuring of cross-border financings, internal restructurings and reorganizations, and acquisitions. Mr. Mowbray also regularly advises clients on controversy matters involving the recognition of income, transfer pricing and the international tax provisions of the Tax Cuts and Jobs Act of 2017. In addition, he has significant experience with advising clients on digital asset transactions, offerings and entity and investment structures.
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