What is the impact of Bitcoin on accounting?
A. The IRS ruled Bitcoin should be treated like property and the profit should be recognized as a capital gain. Losses can offset the capital gain
B. If you own Bitcoin you should not pay taxes on them
C. Bitcoin need central authority like banks to approve the transactions
D. All Bitcoin transactions are reviewed by auditors
E. Bitcoins are like credit cards because every transaction is easily traceable
Answer: A. The IRS ruled Bitcoin should be treated like property and the profit should be recognized as a capital gain. Losses can offset the capital gain
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.