Newsletters

AICPA Calls For Clarifying Guidance On NFTs

The American Institute of CPAs has offered the Internal Revenue Service a series of recommendations on how the agency could handle non-fungible tokens.

In a June 16, 2023, letter to the agency, AIPCA provided comments on Notice 2023-27, which outlines the treatment of certain NFTs. The organization said that it hopes “that IRS will provide additional guidance to clarify how digital asset transactions are treated and handled in various scenarios,” adding that such guidance “will provide greater certainty to taxpayers and their preparers in confidently and properly complying with their overall reporting requirements for digital assets, and better ensure consistent application of the tax law among taxpayers.”

AICPA made four recommendations, asking the IRS and Treasury to:

The lack of a common definition to NFTs has been a running topic of conversation. AICPA in the letter noted that NFTs should be subject to general federal income tax principles applied to financial contracts rather than an NFT-specific set of rules.”

AICPA noted that the definition of an NFT in Notice 2023-27 “implies that not all NFTs are digital assets” and added that clarification “is needed for many reasons beyond NFTs to provide a single definition of virtual currency and digital assets. A single definition will provide certainty and simplification to taxpayers.”

Tax policy and advocacy comment letters issued by the AICPA can be found here.

By Gregory Twachtman, Washington News Editor

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