You’ve made it to Part III of our three-part cryptocurrency series! As mentioned previously, we have put together this series to help taxpayers navigate through the tax laws of this ever-growing industry. Each article has covered one of three vital topics: Part I: Cryptocurrency reporting requirements Part II: Taxation of cryptocurrency Part III: Maintaining cryptocurrency…Read More
Blockchain is the technology that powers Bitcoin and other cryptocurrencies, but its value extends far beyond the world of finance. Although this technology may not be ready for prime time in construction just yet, industry experts recognize its promise to transform the way projects are managed. Simple concept The technology behind blockchain is sophisticated. The…Read More
Virtual currency: Handle with care Recently, the IRS has been sending letters to taxpayers it believes owns virtual currency, such as Bitcoin, urging them to review past tax returns and, in some cases, affirm their accuracy under penalty of perjury. This puts taxpayers in a difficult position, because there are several unresolved issues regarding taxation…Read More
Like most businesses, you’ve probably experienced a significant increase in the number of customers who prefer to make cashless payments. And you may be wondering: How does the acceptance of these types of transactions affect the auditing of your financial statements? Cashless transactions require the exchange of digital information to facilitate payments. Instead of focusing…Read More
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