Potential tax issues with non-fungible tokens

The IRS gives guidance on virtual currency, however tax treatment of non-fungible tokens (NFTs) specifically has not been addressed. NFTs are considered to have a complete life cycle. It’s life cycle includes its creation, use, sale or exchange, contribution to a charity and total loss of value. How should tax professionals treat the gains, losses …

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Blockchain is changing the future of accounting

The Economist magazine said that blockchain technology is the most important advancement in recordkeeping since the invention of double-entry bookkeeping in Florence, Italy in 1494. The modern accounting system is a series of mutual control mechanisms, checks and balances. This affects accountants’ day-to-day operations because most of the systematic duplication of efforts, extensive documentations and …

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Tax implications of Bitcoin transactions

Cryptocurrencies are making a big splash in today’s economy. The most popular cryptocurrency is the Bitcoin. The price has skyrocketed in 2017 from $1,000 to over $5,000 U.S. dollars. This is because the Bitcoin is becoming more prevalent in use and many companies are beginning to recognize and accept it as a payment system. Most …

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