NFT Archives | EA Journal

Feature Article

Digital Asset Final Regulations: What Tax Professionals Need to Know

In 2021, Public Law 117-58, the Infrastructure Investment and Jobs Act, §80603, required brokers to report transactions involving digital assets similar to stocks. This includes information on sale pr... Tynisa (Ty) Gaines, EA (She/Her)

Winter 2024, Feature Article, crypto, Form 1040, Form 1099, Form 1099-B, Infrastructure Investment and Jobs Act, fair market value, Non-fungible token, NFT, Form 8949, Schedule D, FIFO, tax relief, Public Law 117-58, §80603, broker, digital asset, Treasury Decision 10000, TD 1000, stablecoins, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312, Form 1099-DA, §6045, Reg. §1.1001-7, FMV, First-in-first out, Revenue Procedure 2024-28, Notice 2024-57, Coinbase, Form 1099-S

Feature Article

What Enrolled Agents Need to Know About Form 8300 and Digital Assets

Businesses who accept cryptocurrency (crypto) as payment and many tax practitioners who provide compliance services for those businesses were relieved to hear that the Internal Revenue Service (IRS) has delayed the require... Amber Gray-Fenner, EA, USTCP

Summer 2024, Feature Article, cryptocurrency, crypto, FBAR, Foreign Bank and Financial Accounts, Financial Crimes Enforcement Network, FinCEN, Social Security, Form 8300, §6050I, Non-fungible token, NFT, beneficial ownership information, BOI, U.S. Securities and Exchange Commission, SEC, §6045(g)(3)(D), decentralized finance, DeFi, Notice 2024-4, Infrastructure Investments and Jobs Act, digital assets, §183, Treasury Regulation 1.183-2

Tax Tech

Are Non-fungible Tokens Collectibles?

Non-fungible tokens (NFTs) became incredibly popular during the recent cryptocurrency boom and remain actively traded as a new asset class. Non-fungible tokens are unique digital assets that can represent ownership of v... Zac McClure

Winter 2023, Tax Tech, cryptocurrency, crypto, bitcoin, Ethereum, capital gains, Non-fungible token, NFT, Form 8949, virtual, collectibles, Schedule D, §408(m)(2), Notice 2023-27, Treasury

The Challenges of Non-fungible Token Taxation

Feature Article

The Challenges of Non-fungible Token Taxation

By now, you have probably heard of nonfungible tokens (NFTs), but what are they? And how are they taxed? Non-fungible tokens have made big news lately: selling for astronomical sums at auction, becoming major status symbols, and attracting plenty of ire along the way.... Zac McClure and Tynisa (Ty) Gaines, EA

Mar/Apr 2022, Feature Article, cryptocurrency, Form 1040, Schedule E, Non-fungible token, NFT, donor