Bitcoin: Passing Fad, Disruptive Technology? Either Way, It’s Now Taxable!

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Photo: Flickr BTC Keychain Bitcoin: Passing Fad, Disruptive Technology? Either Way, It’s Now Taxable!

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Tom Hood, CPA, CITP, CGMA Tom Hood, CPA, CITP, CGMA CEO MACPA www.macpa.org and Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/ If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today Magazine Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 Linked-In Top 150 Influencer Top 25 Influencers in Learning & HR by HR Examiner Top 25 Thought Leaders in Public Accounting by CPA Practice Adviser Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management

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4 Careers Bitcoin can Disrupt Bankers Cashiers Armored Car Drivers Accountants

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Is Bitcoin a bubble? Source: CoinDesk Closing Price $817.12 as of Dec 30, 2013

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Bitcoin Theft Makes Headlines Bitcoin hit new low of $557.40 on news of Mt. Gox (Japanese) Bitcoin Exchange theft of Bitcoins.

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More Bad News: Apple removes Block Chain from App Store

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Bitcoin Price 3/30/14 Down 43% since year-end Source: CoinDesk

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How a Bitcoin Transaction Works Source: PC World – 7 Things You Need to Know About Bitcoin

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How Bitcoins are Circulated & Used Source: GAO Report

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Bitcoin Transaction Documentation Source: Bitcoin: A Peer-to-Peer Electronic Cash System Could this replace the general ledger for documenting transactions?

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Congress, GAO, FBI, and Treasury Study Virtual Currencies Congress started studying the economic and tax issues with a hearing by a Joint Economic Task Force on April 1, 2008 to the GAO report on May 15, 2013. The FBI, Treasury and the National Taxpayer Advocate all were investigating the fast growing economies of virtual goods and virtual currencies that started with World of Warcraft & Second Life.

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IRS Issues Virtual Currency Guidance on March 25, 2014

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Three Types of Virtual Currency Systems Source: GAO Report Generally not taxable Most likely taxable Could have taxable issues

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Virtual Currency Tax Issues Taxpayer lack of knowledge about tax requirements Uncertainty over how to characterize income Uncertainty over how to calculate basis for gains (capital gains / barter) Challenges with third-party reporting (1099s) Evasion Source: GAO Report

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7 Things to Know About Bitcoin Bitcoins are created, traded and controlled by the people We’re definitely in a Bitcoin bubble You can mine Bitcoins but the gold rush is over Most major retailers don’t accept Bitcoins Bitcoins aren’t protected or insured by anyone Nobody knows who really created Bitcoin Bitcoins aren’t the first virtual currency and won’t be the last Source: PC World – 7 Things you need to know about Bitcoin by Alex Wawro