BitCoin is a decentralized peer-to-peer entirely digital currency based on open-source software. It is secured by cryptography, can be completely anonymous, bitcoins can never be frozen and fees are negligible. So the benefits for accepting Bitcoin as payment for goods and services are numerous compared to the barberous relics of fiat currency through the bailed out failure of a monetary and banking system.
If one accepts Bitcoin for services or goods then how is one supposed to report Bitcoin income and expenses? A Lawyer's Take On Bitcoin And Taxes is a 31 page guide with 108 legal footnotes that helps answer that question from a US perspective by Bill Rounds, a CA attorney.
Year Published: 2011