Posted by & filed under Accounting, Member Spotlights.

jason-tyra

Jason Tyra is a Certified Public Accountant in Texas. His firm provides the full gamut of accounting services – from bookkeeping and payroll to audits to federal and state consulting. Yet he decided early on in the development of his practice that Bitcoin would be a core focus of his work.

Few accountants today have the skills and experience necessary to provide accounting services related to Bitcoin, but the demand is growing fast. IRS guidance was quite limited when he first began working on Bitcoin related questions. “It’s getting a little better now than it was a year ago,” says Tyra. Recent IRS guidance has clarified many of the issues, but there is still significant value that an accountant with the requisite knowledge can bring to the table for a merchant who accepts Bitcoin or an individual who is holding the digital currency.

Tyra has been able to carve a lucrative niche for his practice; positioning himself as one of the few accountants providing advice on Bitcoin. And he has made news for eating his own cooking – that is he is accepting Bitcoin in exchange for his services as well.
Read more »

Posted by & filed under Accounting.

ryan-lazanis

Bitcoins. It’s a pretty hot topic right now. For some, it’s also something that’s a bit mysterious and controversial. I mean, how in the world can you have a global virtual currency that’s completely decentralized and completely unregulated?
A type of money that isn’t controlled or regulated by any bank or government is enough to make some people just a tad uneasy. That is, until you learn more about what bitcoin is and how it works. In my opinion it’s one of the smartest, most forward-thinking innovations of our generation, and it just might reshape the way we all do business.
Before we talk about why I think it’s a good idea for businesses to start accepting bitcoins, how about I give a brief overview of what bitcoins actually are (for those who know, skip ahead).
Read more »

Posted by & filed under Legal.

Richard Lyons

There are several areas of concern for any professional that represents clients using Bitcoin for international transactions. The use of Bitcoin for cross border transactions is attractive for many reasons, including instant transfers, low cost and the lack of a need to use intermediary banks. However, there are some issues to consider when using digital currency for international business or personal financial transfers. Also, governmental bodies have begun to weigh in and create some parameters for international use of Bitcoin, and that trend is likely to continue.
Read more »

Posted by & filed under Professional.

dberger002

As I’ve met with hundreds of lawyers, accountants and financial professionals over recent months, I’ve had many discussions about the challenges being faced by clients as they forge new ground in the digital currency economy. The following are a sample of the client issues and concerns that our members shared with me and that they are providing advice on today.

Read more »

Posted by & filed under Finance.

sam-ditzion

Interview by David Berger, CEO of the Digital Currency Council, with Sam M. Ditzion, CEO of Tremont Capital Group – the nation’s leading provider of strategic planning and consulting, compliance, and mergers and acquisitions advisory services to the ATM and related industries.

David: Sam, you’re the world’s leading expert on ATM machines. Could you tell us more about what you do?

Sam: Thanks for inviting me to do this interview. I am an expert in the overall payments space but have a particular expertise in the ATM industry and cash payments. I primarily focus on providing clients with business strategy, compliance, and mergers and acquisitions advisory services. I am also an expert in the concept of Bitcoin ATMs and recently authored an Introduction to Bitcoin ATMs guide for the ATM Industry Association. — Available online at: www.TremontCapitalGroup.com
Read more »

Posted by & filed under Legal, Member Spotlights.

Reuben-Bramanathan

“I love talking about Bitcoin,” exclaimed Reuben Bramanathan at the start of our conversation.

The tax lawyer, based in Sydney, Australia, caters to small and medium-sized enterprises. He does a lot of work for technology businesses, mainly providing tax planning and advice. He is also well versed in tax transactions and disputes with the revenue authorities in Australia.

Bramanathan, a senior lawyer at Adroit Lawyers, has been following Bitcoin since 2011. At first he was interested in it as a hobby, mostly out of curiosity for the technology behind it. Then in 2013 he became intrigued by some very complex legal and tax questions about Bitcoin. As the digital currency started to move into the mainstream in 2014, he began analyzing its tax implications.
Read more »

Posted by & filed under Legal, Member Spotlights.

ashkaan-hassan

Ashkaan Hassan, founder of Los Angeles boutique law firm Nu|Legal, recently spoke to the Digital Currency Council on why he thinks businesses and professionals like him should accept Bitcoin.

Nu|Legal operates differently from most law firms. The firm uses technology to help with research and other routine tasks. “We’re more tech-savvy than most other firms,” boasts Hassan, “and so we’re more efficient, and more effective in trial.”

Hassan developed an interest in the peer-to-peer medium of exchange almost since its inception, when it started getting popular in 2009. His was the first law firm in Los Angeles to start accepting the digital currency. He told us that in the beginning he was very interested in Bitcoin and what its effects would be on the economy.
Read more »

Posted by & filed under Legal.

david-long

The “virtual currency” or “BitLicense” regulations proposed by the New York Department of Financial Services (NYDFS) are well into their 45-day comment period. By now, many of the most well-known figures in the digital currency industry have commented both officially and unofficially on the proposed regulations. I have had the opportunity to read and digest the proposal itself as well as many comments that have been written about it so far. Many of them are on the mark and succinctly point out the need for further reflection and more thorough consideration on the part of New York regulators in fashioning a body of regulations that balance the need for consumer protection and anti-money laundering with the need to encourage, or at least, not stifle innovation in this nascent industry.
Read more »

Posted by & filed under Accounting, Member Spotlights.

jake-benson

Jake Benson is a former SAP consultant who implemented payroll solutions for outsourcing service provider Capgemini. When he realized no one had built a solution for calculating tax liabilities for digital currencies, he left that role to build the software himself.

That software, today known as LibraTax, helps users calculate taxes due to the IRS. It will also check their transaction history from their Bitcoin wallets. Users can select a transaction type from their transaction history: whether it was a sale or a purchase, donation, gift received or transfer. The tool applies one of four different cost basis methodologies and provides populated tax forms so that users can file their gains and losses with the IRS.
Read more »

Posted by & filed under Legal.

Nat-Wasserstein

Federal Regulators

There has been much discussion about virtual currency at the federal level. That talk finally turned into official policies and guidance from the agencies that regulate monetary and financial concerns.

The Consumer Fraud Protection Bureau (CFPB) expressed concerns about Bitcoin and other virtual currencies. And as some have predicted, as virtual currency enjoys a wider acceptance by our society, the federal government will come down hard on the unregulated currency. Who controls its supply? Can hackers get at it easily (as they’ve proven to be the case over the past two years)? Who’s policing it? Can you hide assets in Bitcoins during a divorce? These types of concerns and questions are now for the most part unanswered. The CFPB warned that because virtual currency accounts are not insured by the FDIC or the National Credit Union Share Insurance Fund, if a virtual currency company fails, the government won’t cover the loss.
Read more »