Bitcoin Tax Accountant FAQ
by Jason M. Tyra on January 3, 2014 0
Even after a solid year of growth and six months of near constant exposure in the mainstream media, Bitcoin remains a niche area, mostly followed by hard-core techies. Many practitioners won’t go near it for fear of getting caught up in the regulatory uncertainty, while others may genuinely try to help their clients, but recklessly fail to consider the attributes that make Bitcoin unique among taxable assets.
As a Certified Public Accountant who focuses on entrepreneurs and small businesses, I tend to get the same questions and help clients with the same issues on a regular basis. The basis for this article was an adaptation of one such e-mail exchange with a client in December of 2013. It should be clear where I have made a statement of opinion. Nevertheless, I will make this disclaimer up front – my opinions are mine alone and should not be construed as tax or accounting advice in this context. You should always consult a qualified tax professional about your personal situation before taking any tax position and especially before taking a position on an issue as complex as Bitcoin.