For two years in a row, the Association of Certified Fraud Examiners has placed theft of pandemic-related enhanced unemployment benefits at the top of its annual list of five most scandalous frauds. The association compiles its list based on money lost, lives affected, and relevance to the anti-fraud profession. In 2020 and 2021, fraudulent unemployment
Taxes
Just like with gifts of art, the IRS may decide to treat different people who make gifts of NFTs differently. Creators and dealers may be in a different category from collectors and personal users when it comes to valuation and deductions. In this environment, a creator is the person or entity who creates the NFT
As previously discussed, NFTs are not currency but are very likely considered property by the IRS. Therefore, as with all non-cash transactions over $5,000, a qualified appraisal in accordance with Publication 561 from the IRS is required if a person decides to make a gift of an NFT and seek a charitable deduction. Assuming the
As discussed previously, NFTs could be donated to charity. If you are a nonprofit and are deciding whether to start accepting NFTs, one issue that you must address is how to liquidate the NFT. Most nonprofits have gift acceptance procedures that require immediate liquidation, and any asset given to a nonprofit does not bring any
IRS Commissioner Charles Rettig discusses the current state of the tax agency, including the paper return backlog, technology improvements, and hiring updates. This transcript has been edited for length and clarity. Cara Griffith: Welcome, everyone. I’m Cara Griffith, the president and CEO of Tax Analysts. Now, our guest today needs no introduction but it would