Understand why digital currencies matter and how best to advise clients. A $100 investment in Bitcoins in 2010 would be worth over $75 million today. What created this unfathomable explosion in value? Each day over 1,000,000 unique Bitcoin transactions are processed. Companies of all sizes now accept Bitcoins as payment. Auditors, tax preparers and advisors must understand the changes orchestrated by Bitcoins and their digital currency cousins.
Learning Objectives
• Identify what a blockchain currency is and what it isn't
• Recognize how the IRS taxes Bitcoin
• Determine the current accounting and auditing best practices for digital currencies
• Identify what a digital wallet is, how to create one, and how to exchange Bitcoins for dollars
• Understand the non-currency value of the Distributed Ledger Technology
Major Topics
• What is money and why cryptocurrencies matter
• Blockchain and how its use is changing how business verifies transactions and values
• How cryptocurrency is audited
• IRS rules relating to Bitcoin
• Current update as to whether Bitcoin is moving towards money or will remain viewed as property
• Bitcoin alternatives, ICOs and their future global footprint
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