News & Analysis as of

Non-Fungible Tokens (NFTs) Cryptocurrency Tax Planning

Allen Barron, Inc.

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

Allen Barron, Inc. on

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

Falcon Rappaport & Berkman LLP

Digital Assets Reporting Requirements Under Section 6050I

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

ASKramer Law

A Comprehensive Guide to the Deductibility of Digital Asset Losses

ASKramer Law on

In November 2023, almost 11,000 cryptocurrencies and digital tokens were listed on CoinMarketCaps.com. In addition, tens of thousands of non-fungible tokens (NFTs) are sold daily on various crypto exchanges and NFT platforms....more

White and Williams LLP

Virtual Currency Ventures: Navigating Tax and Accounting Waters for Success

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

ASKramer Law

IRS Speaks–Sort of–on NFTs and “Collectibles”

ASKramer Law on

Introduction Until Notice 2023-27, the Internal Revenue Service (IRS) was silent about the tax treatment of nonfungible tokens (NFTs). When the IRS turned to NFTs, it focused on one aspect of NFTs: whether certain NFTs should...more

Cadwalader, Wickersham & Taft LLP

IRS Gets Serious About Digital Asset Reporting by Individuals

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

ASKramer Law

Tax Return Reporting of Cryptocurrency

ASKramer Law on

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

ASKramer Law

How to Donate Cryptocurrency and Other Digital Assets to Charity

ASKramer Law on

Explosive growth in digital assets has left investors with real questions about how to donate cryptocurrency and non-fungible tokens. That the tax bills are high enough to generate this interest is clear evidence of the gains...more

Hogan Lovells

Online intermediaries are obliged to collect Spanish VAT on sales of NFTs through their marketplaces

Hogan Lovells on

Due to the anonymity of non-fungible tokens’ (“NFTs”) transactions, sellers face practical difficulties in determining whether or not they should charge Spanish Value Added Tax (“VAT”) to the buyers on sales through online...more

Polsinelli

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

Polsinelli on

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

Cadwalader, Wickersham & Taft LLP

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

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

Hogan Lovells

First Spanish ruling on the VAT treatment of the sale of NFTs

Hogan Lovells on

The Spanish Tax Authorities (“STA”) have issued the first ruling analysing the Value Added Tax (“VAT”) treatment of the sale of non-fungible tokens (“NFTs”) that grant the buyer a right to use an underlying digital artwork....more

Miller Nash LLP

Today in Tax: Digital Assets in Mergers & Acquisitions—Three Things Every Buyer Should Know

Miller Nash LLP on

Cryptocurrencies, digital assets, and blockchain-based technologies seem to show up everywhere. As the market for these products matures, new markets are emerging. Competitors, new entrants, and investors are acquiring the...more

Miller Nash LLP

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

Miller Nash LLP on

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

Kilpatrick

[Webinar] Cryptocurrency and NFT Tax - March 15th, 1:30 pm ET

Kilpatrick on

Join the Kilpatrick Townsend tax team for our winter CLE webinar as team members discuss the current federal, state, and unclaimed property treatment of cryptocurrency, non-fungible tokens and related tax topics. The webinar...more

Brownstein Hyatt Farber Schreck

NFTs: Gateway to Financial Independence or Litigation Risk?

NFTs—or “nonfungible tokens”—are everywhere. What was once seen as a collectors’ item for crypto geeks and LeBron James TopShop fanatics is now gaining popularity with a much wider audience. Take the recent example of the...more

Miller Nash LLP

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

Miller Nash LLP on

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

Holland & Knight LLP

Holland & Knight's China Practice Newsletter: September-October 2021

Holland & Knight LLP on

Holland & Knight invites you to read our China Practice Newsletter, in which our authors discuss pertinent Sino-American topics. HIGHLIGHTS: - Non-Fungible Tokens and Intellectual Property Law: Key Considerations ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Proliferation of NFT Transactions Raises Numerous US Tax Questions

Background on NFTs - With the market for nonfungible tokens (NFTs) exploding, NFTs attached to art, music, video clips, tweets and other digital collectibles have sold for significant sums: An NFT of an animated flying...more

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