Non-fungible token Archives

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

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

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