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Are NFTs “Collectibles”? – The IRS Says Maybe
Beanie babies, Pokémon cards, POGs, and digital pictures of monkeys on the internet, one of these things is not like the others. All these are items that people may collect or at least have collected in the past. Maybe they were just collecting for fun, or perhaps they acquired in hopes of selling their items in the future for a profit. However, the IRS has highlighted only one of the items on this list as potentially being a collectible. A non-fungible token (NFT) “is a unique digital identifier that is recorded using distributed ledger technology and may be used to certify authenticity and ownership of an associated right or asset. Ownership of an NFT may provide the holder a right with respect to a digital file (such as a digital image).” NFTs run the gamut from bored apes (computer generated pictures of monkeys that sell for hundreds of thousands of dollars, not to be confused with board apes, which are monkey pictures on sandwich and surf boards and do not sell for hundreds of thousands of dollars) to Ruish Bronzelight (a DeFi Kingdoms online video game Warrior Wizard we met in “Tax Planning for DeFi Based Games”), and even event tickets (especially popular with crypto conferences). There is even at least one CPA who sells access to his tax practice via NFT. Click here to continue reading…
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CURRENT EDITION
Kovel: Attorney-Client Privilege for Tax Professionals
Twice in my four-decade career, two special agents from IRS Criminal Investigation (CI) entered my office armed with a search warrant, firearms at their side. In both cases, it started the same way.
Gone Phishing: Don’t Get Scammers Catch You!
Today’s criminals are using more than hooks and lines (more like huge trawling nets), and they are looking for small as well as really big fish. If you think your tax practice is too small to be a target, you’re wrong. And you probably know that. You are probably well aware of the phishing and smishing (using SMS/text messaging) attempts that try to gain access to your firm’s computers and/or computer network.
Data Security: Understanding Your Responsibilities
Are you aware of your responsibilities when it comes to securing data? Do you know what your software vendor is doing with your data—and, more importantly, your client’s data? Signing up for a new service or software is often done without any thought of the consequences to the data that you are legally required to protect. The average tax professional uses many different types of software and services when working with a client. Many tax pros are unaware that this often requires consent to be obtained prior to using their client’s information and that failure to do so can result in significant fines and even criminal penalties.
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Think Outside the Tax Box provides tax reduction strategies along with practical
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