The IRS is targeting business transactions in bitcoin and other virtual currencies

The IRS is targeting business transactions in bitcoin and other virtual currenciesBitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign.

What businesses need to know about the tax treatment of bitcoin and other virtual currencies

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or…

Should your nonprofit accept digital currency donations?

Should your nonprofit accept digital currency donations?When United Way began accepting Bitcoin contributions a few years ago, many not-for-profits started to rethink their policy against accepting digital (also known as virtual and crypto) currency donations. It’s understandable if your organization remains wary of money that’s neither printed nor backed by a central bank or government. But there are potential advantages to accepting this uniquely 21st century form of support.