Description:

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.  

Learning Objectives:

After attending the presentation you will 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.

Program Content:

The major topics that will be covered in this class include:

• NFT basics
• Classification of NFTs
• Current Legislative and Policy Environment
• Tax implications of creation, sales and exchanges of NFTs.

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 digital assets  

Developed By: Allison M. McLeod, LL.M., CPA. A PLLC

Instructor: Allison M. McLeod

CPE Credit: 2.0

Field of Study: Taxes (2 CPE)

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study