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. **Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
Learning Objectives
- 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
Major Topics
- NFT basics
- Classification of NFTs
- Current Legislative and Policy Environment
- Tax implications of creation, sales and exchanges of NFTs
