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Taxation of Cryptocurrency and NFTs: Foundational Considerations

TAXATION OF CRYPTOCURRENCY AND NFTs: FOUNDATIONAL CONSIDERATIONS

Cost Free
Presentation Length 1.0 hour

Recorded DateSeptember 12, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The emergence of cryptocurrency—and the most recent emergence of non-fungible tokens—has created assorted United States tax questions, given the uniqueness of the assets at issue. The Internal Revenue Service has issued preliminary tax guidance on cryptocurrency, with more detailed rules anticipated; NFTs have yet to be the subject of targeted service analysis.

Learning Objectives:


  • Recognize the United States income tax basics associated with cryptocurrency and NFTs—drawing parallels to existing assets and addressing tax consequences on creation, disposition, and revenues from royalty streams

  • Summarize the international tax aspects of crypto/NFT assets, including income sourcing and reporting requirements on foreign information reporting forms

  • Evaluate retroactive filing considerations, including a review of programs offered by the service

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Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.

Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.

Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.

Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.
 

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