News & Analysis as of November 15, 2024

Non-Fungible Tokens (NFTs)

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

IRS Revisions to the Voluntary Disclosure Program for 2024

Allen Barron, Inc. on 10/15/2024

What are the IRS revisions to the Voluntary Disclosure Program for 2024? The foundation of the current IRS Voluntary Disclosure Program (VDP) goes as far back as 2009 when the agency worked to provide U.S. taxpayers with a...more

How Will the New Crypto Tax Proposal Potentially Affect Your Current Digital Strategy?

Allen Barron, Inc. on 3/19/2024

How will the administration’s new crypto tax proposal affect your current digital strategy? How do recent price surges in many cryptocurrencies affect the taxable events of US taxpayers? The value of many...more

Activos Digitales 2023 Formulario 1040

Foodman CPAs & Advisors on 2/15/2024

El 01/22/24, el IRS le recordó a los contribuyentes que deben responder nuevamente a la pregunta sobre activos digitales 2023 en los formularios 1040 y 1040-SR y reportar todos los ingresos relacionados con activos digitales...more

Digital Assets 2023 Form 1040

Foodman CPAs & Advisors on 2/15/2024

On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as...more

Digital Assets Reporting Requirements Under Section 6050I

Falcon Rappaport & Berkman LLP on 1/22/2024

On January 16, 2024, the Treasury Department and Internal Revenue Service (“IRS”) announced that the agencies are postponing the implementation of increased reporting requirements for digital asset transactions under the...more

Virtual Currency Ventures: Navigating Tax and Accounting Waters for Success

White and Williams LLP on 9/7/2023

Step into the fascinating world of virtual currencies, where digital marvels like Bitcoin and Dogecoin, have captured the attention of adventurers and investors alike. As you venture into this dynamic realm, it's important to...more

NFTs: A Tale of Two Classifications

Blank Rome LLP on 6/15/2023

On March 21, 2023, the Department of the Treasury and the Internal Revenue Service (“IRS)” released Notice 2023-27, announcing their intent to provide guidance on classifying certain non-fungible tokens (“NFTs”) as...more

NFT Means Never Forget Taxes: Redux

Seward & Kissel LLP on 5/18/2023

The Internal Revenue Service released Notice 2023-27 (the “Notice”), providing guidance on the federal tax treatment of nonfungible tokens (“NFTs”). In a prior SKRYPTO blogpost, we noted that investors selling NFTs could be...more

IRS Gets Serious About Digital Asset Reporting by Individuals

Cadwalader, Wickersham & Taft LLP on 4/27/2023

Since 2019, Form 1040 has included a general question regarding the taxpayer’s cryptocurrency activity. Over the years, the IRS has modified the scope of its cryptocurrency inquiry. On the 2021 Form 1040, this question read:...more

Through the Looking Glass: Will a Look-Through Rule for Taxing NFTs Clarify or Further Distort?

Cadwalader, Wickersham & Taft LLP on 4/26/2023

In a recent article, we observed that the Treasury and the Internal Revenue Service (“IRS”) could address the complex tax issues presented by emerging digital assets either by developing a cohesive framework for taxing these...more

Weekly IRS Roundup April 10 – April 14, 2023

McDermott Will & Emery on 4/17/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2023 – April 14, 2023...more

IRS Releases Notice on the Taxation of NFTs as Collectibles

McDermott Will & Emery on 3/28/2023

In its first published guidance addressing non-fungible tokens (NFTs), the Internal Revenue Service (IRS) released Notice 2023-27 on March 21, 2023, announcing its intent to issue guidance related to the taxation of certain...more

IRS Issues Guidance on Non-Fungible Tokens What It Says and Does Not Say

BakerHostetler on 3/27/2023

The IRS and Treasury Department announced on March 21, 2023, that they intend to issue guidance providing that certain NFTs qualify as collectibles under Section 408(m) of the Code. The Notice is the first guidance issued by...more

Tax Return Reporting of Cryptocurrency

ASKramer Law on 3/21/2023

You need to consider how you’ll report digital asset transactions on your 2022 tax returns. Tax reporting requirements for digital assets have changed yearly since 2019, when the IRS first added a question about crypto to IRS...more

The IRS expands crypto guidance to include “NFTs” and other “Digital Assets,” ahead of the 2022 filing season

Polsinelli on 11/1/2022

The Internal Revenue Service (IRS) was one of the first United States regulators to provide guidance on the tax treatment of virtual currencies such as Bitcoin. Starting back in 2014 with its release of Internal Revenue...more

Today in Tax: How NFT Sellers Can Prepare for State Taxes

Miller Nash LLP on 9/27/2022

Pennsylvania and Washington became the first two states to offer official guidance on how their existing tax regimes apply to nonfungible token (NFT) transactions. Their approaches offer two blueprints for other states to...more

States Turning Eyes to Taxation of Cryptocurrency and Non-Fungible Tokens (NFTs)

Cadwalader, Wickersham & Taft LLP on 7/21/2022

As the IRS ponders its approach to taxing cryptocurrency and NFTs, states are increasingly imposing taxes on some digital asset transactions, including the use of cryptocurrencies...more

Taxation of Non-Fungible Tokens

BakerHostetler on 7/21/2022

Part Four in our series discusses U.S. federal income tax issues relating to Non-Fungible Tokens (NFTs) and provides an overview of how NFTs may be treated for U.S. federal income tax purposes. IRS Guidance - Notice...more

International News: Spotlight on Tax

McDermott Will & Emery on 5/5/2022

INTRODUCTION TO US TAXATION OF NFTS - Despite Non Fungible Token (NFT) sales hitting nearly US$21 billion by the end of 2021, making NFTs almost as valuable as the global art market, they are currently completely ignored...more

Tax Considerations for Transactions of Non-Fungible Tokens

Foley & Lardner LLP on 4/29/2022

Creators, investors, users, and dealers of non-fungible tokens (NFTs) are at the forefront of the intersection of art, music, sports, entertainment, and technology — and they are simultaneously charting a new path when it...more

Taxation of Cryptocurrency and Similar Transactions

Snell & Wilmer on 4/20/2022

Whether you’re an investor expanding your portfolio to include digital assets such as cryptocurrencies and tokens, a business that uses cryptocurrencies to engage in everyday transactions, or a crypto “miner," you need to...more

Today In Tax: Uncertainties Surrounding Cryptocurrencies, Mining, NFTs, and More

Miller Nash LLP on 4/8/2022

While the number of cryptocurrencies and other blockchain-based assets continue to grow, the IRS’s published guidance is inadequate in addressing how to tax these new digital assets and transactions involving them....more

Taxation of NFT Creators

McDermott Will & Emery on 1/13/2022

NFTs offer artists, musicians, celebrities, influencers and other creators an opportunity to develop, market and control the future of many types of digital content that they produce. Less understood is how these assets will...more

Today in Tax: Qualified Small Business Stock, Opportunity Zones, Information Reporting for Digital Assets

Miller Nash LLP on 11/9/2021

A brief commentary on the past week’s cases, rulings, notices, and related federal tax guidance. Medical Software Deemed a Qualifying Trade for Qualified Small Business Stock Gain Exclusion When certain criteria are met,...more

Las Funciones De Examinación Del IRS Han Cambiado

Foodman CPAs & Advisors on 6/3/2021

En el comentario “A Closer Look: Impacting the Tax Gap”, el Comisionado del IRS, Chuck Rettig, revela que el IRS ha cambiado su enfoque de fiscalización a declaraciones de impuestos que incluyen contribuyentes de altos...more

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