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
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.
Virtual Currency Tax Issues 1.Taxpayer
lack of knowledge about tax requirements 2.Uncertainty over how to characterize income 3.Uncertainty over how to calculate basis for gains (capital gains / barter) 4.Challenges with third-party reporting (1099s) 5.Evasion Source: GAO Report
7 Things to Know About
Bitcoin 1. Bitcoins are created, traded and controlled by the people 2. We’re definitely in a Bitcoin bubble 3. You can mine Bitcoins but the gold rush is over 4. Most major retailers don’t accept Bitcoins 5. Bitcoins aren’t protected or insured by anyone 6. Nobody knows who really created Bitcoin 7. 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