{"id":33466,"date":"2014-01-27t13:42:33","date_gmt":"2014-01-27t18:42:33","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=33466"},"modified":"2021-03-01t09:08:36","modified_gmt":"2021-03-01t14:08:36","slug":"bitcoin-patil","status":"publish","type":"post","link":"\/\/www.g005e.com\/2014\/01\/27\/bitcoin-patil\/","title":{"rendered":"what the bitcoin phenomenon means for accountants"},"content":{"rendered":"

it’s time to start to start thinking about the tax and accounting ramifications of digital, virtual currencies.<\/b><\/p>\n

by hitendra patil
\n<\/em>pransform inc<\/em>.<\/em><\/strong><\/a><\/p>\n

bitcoin is virtual currency much in the news these days. it\u2019s peer-to-peer so there\u2019s no central bank or government. but, because it necessarily represents income or asset, it needs to be accounted for and hence will have tax ramifications.<\/p>\n

accountants, the irs and accounting software developers are starting to take it seriously. but in the absence of irs rules specific to bitcoin taxability, accountants have to draw upon their knowledge of irs rules that govern income, assets, capital gains or losses, and stock and bond transactions, and apply that corollary to bitcoin ownership and transactions. read more →<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

it’s time to start to start thinking about the tax and accounting ramifications of digital, virtual currencies.<\/b><\/p>\n

by hitendra patil
\n<\/em>pransform inc<\/em>.<\/em><\/strong><\/a><\/p>\n

bitcoin is virtual currency much in the news these days. it\u2019s peer-to-peer so there\u2019s no central bank or government. but, because it necessarily represents income or asset, it needs to be accounted for and hence will have tax ramifications.<\/p>\n

accountants, the irs and accounting software developers are starting to take it seriously. but in the absence of irs rules specific to bitcoin taxability, accountants have to draw upon their knowledge of irs rules that govern income, assets, capital gains or losses, and stock and bond transactions, and apply that corollary to bitcoin ownership and transactions. read more →<\/a><\/p>\n","protected":false},"author":1363,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5,3120,2306],"tags":[120,629],"class_list":["post-33466","post","type-post","status-publish","format-standard","hentry","category-outlook","category-pro-member-exclusive","category-tech-and-fintech","tag-tech","tag-technology","membership-content","access-restricted"],"acf":[],"yoast_head":"\nwhat the bitcoin phenomenon means for accountants - 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