The idea of “peer-to-peer electronic cash” was introduced in a white paper by the mysterious “Satoshi Nakamoto” in 2008. (Readers who are curious may enjoy…
In Brief Although many investors in cryptocurrencies like Bitcoin have witnessed great gains in the past year, values have also fluctuated dramatically in short order.…
Using a Permissioned Blockchain?
Consider Structuring It as a VIE
The adoption of blockchain has grown steadily since the technology was first introduced as a platform to create a decentralized currency, free from the effects…
The Spread and Use of Blockchains
Investigating Mentions in 10-K Reports
In Brief Much attention and hype has surrounded the potential for blockchain technology to disrupt accounting processes. Mentions of this technology in companies' 10-K forms…
Digital Assets
Does the Perception Match Reality?
In Brief Bitcoin and other digital assets have been prominently featured in the financial news and popular press, to the point where many individual may…
The growth of cryptoassets has made it incredibly challenging for regulators worldwide to standardize and issue authoritative guidance. Professional accounting standards setting bodies, including FASB…
Getting Started with Ethereum and DLoc
A Blockchain User’s Guide
Editor's Note: The following is a supplement to "Blockchain Basics and Hands-on Guidance: Taking the Next Step toward Implementation and Adoption" by Deniz Appelbaum and…
The Coming World of Blockchain
A Primer for Accountants and Auditors
In Brief Blockchain came to mainstream attention in 2017, despite having existed for almost a decade prior. The author explains how this new technology, perhaps…
Blockchain Basics and Hands-on Guidance
Taking the Next Step toward Implementation and Adoption
In Brief Since blockchain technology entered the mainstream in 2017, many have questioned its purpose and capabilities. What is blockchain? How does it work? What…
Reporting Virtual Currency Transactions to the IRS
Time May Be Running Out for Affected Taxpayers
IRS Notice 2014-21, issued on March 25, 2014, made it clear that the IRS would treat virtual currencies that can be converted into traditional currency…
Bitcoin: Rise of Virtual Currency and its Downfalls
IRS Regulations and Other Drawbacks For Bitcoin
Over the past eight years, financial professionals’ interest in bitcoin and other digital currencies has increased, and now regulators have taken notice. The federal government…
Digital Currency: Market Value of Bitcoin, Ethereum, and Litecoin
Taxation, Enforcement, and the John Doe Summons
Several years ago, the IRS started its successful takedown of secret Swiss banking with the use of a John Doe summons. Currently, it is trying…
Fraud prevention is a critical and ongoing consideration for companies all over the world. According to the 2016 Report to the Nations on Occupational Fraud and…
Ever since the double-entry bookkeeping system was created in 1340, accountants and business owners have been focused on the fidelity of financial reporting systems. The…
Over the past eight years, financial professionals' interest in bitcoin and other digital currencies has increased, and now regulators have taken notice. The federal government…