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Self-Study Courses

Taxation of Non-fungible Tokens (NFTs) (Currently Unavailable)

2 CPE Credits $33.50/credit hour
★ ★ ★ ★ ★ 5.0 (2 ratings)
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

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.

Publication Date: October 2022

Designed For
Corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals or businesses that use or invest in cryptocurrency. All in-house and public practice professionals involved with tax compliance and planning will benefit from this timely and insightful seminar.

Topics Covered

  • Background of Non-Fungible Tokens (NFTs)
  • Differences between NFTs and Cryptocurrency
  • Tax Implications of NFT Transactions
  • Recent Legislation

Learning Objectives

  • Describe NFTs and describe how they are created
  • Recognize how to develop a working knowledge of how NFTs are recorded and transferred
  • Identify what type of transaction involving an NFT creates a taxable event
  • Recognize how to identify how NFTs are classified
  • Identify the current legislative environment and actions taken to regulate NFTs
  • Recognize and apply current enforcement actions employed by the IRS
  • Identify what is not an example of an NFT
  • Recognize what the value of an NFT is derived from
  • Identify how many standards Ethereum uses for the development of NFTs
  • Identify another Ethereum-based platform which also functions as a peer-to-peer network for trading a curated selection of artists and brands
  • Identify how any gain on the sale of self-created NFTs are taxed as

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Instructor

Allison McLeod

Professor McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas, where she has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxes, Individual Taxes, Tax Research, Ethics and Financial Accounting. She has taught as an adjunct professor at the University of North Texas College of Law.

Prior to Professor McLeod going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. Professor McLeod has enjoyed teaching live ethics course to CPAs since 2011 and is the owner of  www.cpaethicsonline.com, which offers on-line self-study courses to CPAs. She currently serves on the Professional Ethics Committee of the Texas Society of CPAs.which offers on-line self-study courses to CPAs. She served on the Professional Ethics Committee of the Texas Society of CPAs and the AICPA CPA Exam Committee (REG).
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