Accountants Want IRS’s NFT Guidance Broadened for Multiple Uses

Tax professionals want the IRS to assess the “administrative burden” of a method the agency proposed to use to determine whether a non-fungible token is a collectible.

In a comment letter addressed to Treasury and the IRS, tax professionals with the American Institute of CPAs asked the agencies to contemplate how a “look-through analysis” would be conducted when a non-fungible token, or NFT, represents more than one associated right or asset.

The IRS published Notice 2023-27 in March, stating it wants to release guidance on the treatment of NFTs as collectibles under Section 408 (m) of the tax …