What CPAs should know, and ask, about NFTs

Sean Stein Smith, CPA, CGMA, DBA, is speaking June 7 at AICPA & CIMA ENGAGE on the blockchain ecosystem. Nonfungible tokens (NFTs) are a part of that ecosystem. In this podcast episode, Stein Smith explains what NFTs are and aren’t, how baseball cards or other physical items can be “tokenized,” and more.

Also, get an update on two recent IRS items, related to estate and gift tax proposed changes and the public input sought on prioritization of tax issues.

Resources

Here are three recent JofA articles about NFTs:

• NFTs Come With Big Valuation Challenges
• Tax Consequences of NFTs
• How NFTs Work and Where They Get Their Value