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Photo: Flickr BTC Keychain
Bitcoin: Passing Fad, Disruptive
Technology? Either Way, It’s Now Taxable!
Tom Hood, CPA, CITP, CGMA
Tom Hood, CPA, CITP, CGMA
CEO
MACPA www.macpa.org
and
Business Learning Institute (BLI)
www.blio...
4 Careers Bitcoin can Disrupt
• Bankers
• Cashiers
• Armored Car
Drivers
• Accountants
Is Bitcoin a bubble?
Source: CoinDesk
Closing Price $817.12 as of Dec 30, 2013
Bitcoin Theft Makes Headlines
Bitcoin hit new
low of $557.40
on news of Mt.
Gox (Japanese)
Bitcoin Exchange
theft of Bitco...
More Bad News:
Apple removes Block Chain from App Store
Bitcoin Price 3/30/14
Down 43% since
year-end
Source: CoinDesk
How a Bitcoin Transaction Works
Source: PC World – 7 Things You Need to Know About Bitcoin
How Bitcoins are Circulated & Used
Source: GAO Report
Bitcoin Transaction Documentation
Source: Bitcoin: A Peer-to-Peer Electronic Cash System
Could this
replace the
general le...
Congress, GAO, FBI, and Treasury
Study Virtual Currencies
Congress started studying the economic and tax issues with a hea...
IRS Issues Virtual Currency Guidance
on March 25, 2014
Three Types of Virtual Currency Systems
Source: GAO Report
Generally not taxable Most likely taxableCould have taxable iss...
Virtual Currency Tax Issues
1.Taxpayer lack of knowledge about tax
requirements
2.Uncertainty over how to characterize inc...
7 Things to Know About Bitcoin
1. Bitcoins are created, traded and
controlled by the people
2. We’re definitely in a Bitco...
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How a Bitcoin Transaction Works
Source: PC World – 7 Things You Need to Know About Bitcoin

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