More and more people are discovering Bitcoin, a type of
cybercurrency that was created in 2009. While the currency was once used mainly
for shady, unscrupulous dealings, it is now becoming more and more acceptable.
In fact, many major online retailers and organizations, such as Overstock.com
and WordPress now accept Bitcoins as a legitimate form of payment.
If you’re using or accepting Bitcoins or thinking about
doing so, however, you should know that taxation laws still apply. When you
sell a product, you have to record the transaction and remit sales tax on it,
regardless of whether you earn traditional money for that transaction, or you
earn this new cybercurrency.
While less-than-honest filers might not get caught right away, continued discrepancies in tax related matters can easily lead to audits and potential related consequences. To avoid audits and to keep all of your practices on the up-and-up, contact a qualified Naperville accounting firm, such as Susan S. Lewis, Ltd., to assist you.
