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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Corporate Tax

Date & Time
  • event Date

    Thursday, September 19, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$247.00
CPE
ALL

This webinar will update SALT practitioners on the state tax implications of buying and selling digital assets. Our panel of cryptocurrency professionals will review the latest states' responses to buying, selling, and holding digital currency and similar assets, including state, sales, and unclaimed property considerations.

Faculty

Ralph McKinney
Associate Professor of Management
Marshall University

Mr. McKinney, Jr. is an Associate Professor of Management at the Brad D. Smith Schools of Business at the Lewis College of Business at Marshall University. He has authored several publications concerning cryptocurrency, economics, forensic business practices, human resource management, indigent criminal defense, and poverty. In 2010, Mr. McKinney was recognized as one of 11 instructors for the Pearson NEIS Economics Insider Contest Instructor Award. In 2017, he was awarded the Robert P. Alexander Award of Research Excellence and was a member of the winning team for the Design for Delight Challenge. Mr. McKinney holds degrees from Aston Business School at Aston University in Birmingham, England (DBA), Marshall University (MBA) and West Virginia State University (RBA). Additionally, he is a licensed Private Investigator.

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Tom Norton
CPA, Assistant Professor Accounting and Legal Environment
Marshall University

Mr. Norton is a proud son of Marshall where he graduated with a dual bachelors in accounting and finance. In the midst of graduating from Marshall and starting law school at West Virginia University, he passed all four parts of the CPA exam. After law school, Mr. Norton gained extensive law experience advising judges at the Circuit Court level as well as the West Virginia Supreme Court. He completed his LL.M. at Georgetown University while working as a CPA. 

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Description

The increased use of and relative newness of investments in cryptocurrencies, non-fungible tokens (NFTs), blockchain, and other digital assets creates numerous state and local taxation issues. Many states do not have laws or regulations on the books that cover these assets, and if they do, as with all state tax matters, the treatment and tax implications among the states vary.

Pennsylvania and Washington were the first states to clarify that sales tax is due on the purchase of NFTs. Both states added NFTs to their lists of items subject to sales tax and apply the tax retroactively. Even knowing that a digital asset is subject to sales tax, determining whether it might be held as an investment, and thus perhaps not subject to sales tax in a state, and how to source the purchase of intangible assets is complicated.

All states have escheatment rules; many consider cryptocurrency and similar assets remittable property. Some states offer guidance explaining when digital assets are abandoned, while others do not. Discerning when cryptocurrency and similar assets are considered unclaimed property and must be remitted is challenging.

Listen as our panel of SALT technology experts explains how specific states handle state and local taxes on cryptocurrency and similar assets and how states generally treat these intangible assets.

Outline

  1. SALT and digital assets: introduction
  2. Types of assets
  3. Federal taxation vs. SALT
  4. State taxation
  5. Sales taxation
  6. Unclaimed property
  7. Other considerations

Benefits

The panel will cover these and other critical issues:

  • Sourcing sales tax for NFT purchases
  • State responses to the taxation of digital cryptocurrency
  • How unclaimed property rules are applied to digital assets by states
  • Recent state guidance impacting state and local taxation of digital currency transactions

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify how specific states tax cryptocurrency transactions
  • Determine types of intangible assets subject to digital reporting and remittance guidelines in states
  • Decide how states apply sourcing rules to sales tax transactions for NFTs
  • Ascertain differences in state and federal taxation of digital assets

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex state income tax forms and schedules; supervisory authority over other preparers/accountants. Knowledge and understanding of state taxation of warranties, including mandatory, option and extended warranties; familiarity with sales tax nexus issues.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.