State Taxation of Digital Assets: Sales Taxation of Cryptocurrency and NFT Transactions

Morrison Foerster of counsel Edward L. Froelich presented on the Strafford panel “State Taxation of Digital Assets: Sales Taxation of Cryptocurrency and NFT Transactions.” Panelists discussed how to minimize tax liability when selling cryptocurrency and NFTs, accepting virtual currencies as payment, and the ins and outs of applying sales tax.

Learning Objectives:

• Provide an overview of federal taxation of virtual currency
• Review state conformity to IRS treatment of virtual currency
• Discuss key considerations and tax planning techniques to minimize state tax liability on virtual currency and NFTs

Speakers:

• Edward L. Froelich, Of Counsel, Morrison Foerster
• Rebecca M. Balinskas, Of Counsel, Morrison Foerster
• John E. Hayashi, JD, Managing Director, Tax BPM