I woke up this morning to find this story waiting in my inbox. Since company failures are commonplace in the digital currency industry, I didn’t think much of it at first. Then I read this line: “Questions about the platform’s solvency began to emerge in June, when users asked for the Bitcoin Trader leadership to publish…
Coindesk recently ran this article, which quotes a recent speech given by New York Superintendent of Financial Services Benjamin Lawsky in which he specifically stated that virtual currency miners and software developers would generally not need a license under proposed regulations. I wrote about BitLicense last summer. In response, I received a considerable amount of…
As an accountant in public practice and a digital currency advocate, I frequently receive inquiries from potential clients and others about digital currency audits. The high level of theft and fraud suffered by consumers in the bitcoin community and the novelty of the technology behind many of the companies that serve them have created a…
Bitcoin and its cohorts have had a mixed year. The adoption rate is up, as is the number of places and ways that consumers can use cryptocurrencies, but the price is down. This combination of circumstances creates a few interesting tax planning opportunities. With one quarter left in the tax year, it is not too…
The Federal Trade Commission filed a complaint this week against bitcoin mining hardware seller Butterfly Labs, providing yet another high profile example of why the cryptocurrency community needs regulator involvement. The complaint, which alleges that the company collected between $20 and $50 million from customers while delivering hardly anything in return, cited hundreds of consumer…
This is the third part of a multi-part series that will explain how to use bitcoin with QuickBooks. This procedure will allow you to properly account for your bitcoin expenses and integrate those expenses into your business records as if they had originally been made in your home currency. Side note: Users of Intuit’s PayByCoin…
What is Apple Pay? Apple has teamed up with Visa, Mastercard and American Express to offer Near Field Communication (NFC) payment capability in the iPhone 6. The announcement of the feature last week, which the company has cleverly titled “Apple Pay,” has left many bitcoiners wondering how it will impact bitcoin. I think that Apple…
This is the second part of a multi-part series that will explain how to employ bitcoin as a payment method using QuickBooks or any similar small business accounting package. Accounting principles generally accepted in the United States and state and federal regulatory authorities require reporting in US Dollars. Other countries have similar requirements. This procedure…
One of bitcoin’s oft-touted advantages is the speed at which payments can be collected from purchasers of goods and services. While credit card or electronic check payments usually take between three and five days from the time the payment is submitted until the point at which cash is available to be spent, bitcoin payments are…
This is the first part of a multi-part series that will explain how to implement bitcoin as a payment method using any of the desktop versions of QuickBooks. This procedure will allow you to properly account for the full extent of your Bitcoin sales and integrate those sales into your business records as if they…
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