The U.S. Internal Revenue Service is attempting to clarify how the murky area of non-fungible tokens (NFTs) should be classified for tax purposes. Yesterday (March 21), the IRS and the U.S. Treasury ...

Until very recently, the IRS has been silent about the tax treatment of non-fungible tokens (NFTs). An almost unknown market in 2020, NFTs skyrocketed to prominence in 2021 with a capitalization at ...

The Internal Revenue Service looks likely to begin taxing some NFTs in line with tangible collectible assets, such as works of art, precious metals, and rare coins. In a notice released on March 21 ...

NFTs have been a controversial technology that some have heralded as the next big thing in terms of art and entertainment, while others have chalked it up as a passing fad. Regardless, people have ...

The U.S. Treasury Department and the Internal Revenue Service are considering treating non-fungible token art as collectibles under the tax law, according to an announcement on Tuesday. Non-fungible ...

On March 21, 2023, the Internal Revenue Service (the IRS) released Notice 2023-27 (the Notice) announcing that the Treasury Department and the IRS intend to issue guidance related to the treatment of ...

On March 21, 2023, the Internal Revenue Service (IRS) announced its intent to issue guidance related to the taxation of certain types of nonfungible tokens (NFTs). Notice 2023-27 is the agency’s first ...

Collectibles have received a lot of attention in the last year or so, especially considering Costco's entry into the precious metals market. For instance, you probably heard that the retail giant ...