2024 MSCPA Annual Convention: Details

2024 Taxation of Non-fungible Tokens (NFTs)

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Tuesday, September 10, 2024 @ 6:00pm 8:00pm
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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. 

**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.

Prerequisites

None

Highlights

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

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

Preparation

None

Credits

Category Amount
Taxation 2.00