Beneficial Owner Information Reporting Now Required

Beneficial Owner Information Reporting Now Required

The Corporate Transparency Act now requires all companies formed in the United States to file a report with FinCEN that identifies all individuals who own or control at least 25% of the ownership interests in the company. Under the Act, an “ownership interest” includes equity, stock, or voting rights; a capital or profit interest; convertible…

FASB Announces Crypto Accounting Standard

FASB Announces Crypto Accounting Standard

The Financial Accounting Standards Board (FASB) announced that it would issue final rules after gathering public comments received in response to an exposure draft of proposed rules for crypto assets. The exposure draft, issued March 23, 2023, resolves uncertainties and formalizes Generally Accepted Accounting Principles for bitcoin and other crypto assets for issuers of GAAP-basis…

PPP Loan Forgiveness Will (Not) Be Taxable After All

PPP Loan Forgiveness Will (Not) Be Taxable After All

Edit 12/21/20- The relief bill passed by the Congress in late December 2020 explicitly allows expenses covered by PPP funds to be deductible in the year incurred, whether or not the associated loan is forgiven. The information provided below is no longer correct under current law. Section 1102 and 1106 of the Coronavirus Aid, Relief,…

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JOBS Act Reviews- What to Expect

After a years-long deliberative process, the SEC finally voted in October of 2015 to approve rules that will govern equity crowdfunding with general solicitation through registered funding portal or broker-dealer intermediaries. The provision of the Jumpstart Our Business Startups Act (AKA the JOBS Act Title III) allowing investment funds to be raised online took effect…

Bitcoin Proof Of Reserves As Part Of An Audit

Bitcoin Proof Of Reserves As Part Of An Audit

If you have been active in bitcoin for any length of time, then you have likely either lost money in an exchange failure or you know someone who has. The pervasiveness of meltdowns among bitcoin startups has created considerable demand from stakeholders for outside assurance that funds entrusted to them are safe and sound. In…

The Accountant-Client Privilege
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The Accountant-Client Privilege

If you have ever read a John Grisham book or seen a legal or police procedural drama on television, then you have likely heard of the attorney-client privilege. Attorneys need honest and open dialogue with clients in order to craft an effective legal defense. Attorney-client privilege encourages trust between attorneys and clients by protecting consultations…

Agreed Upon Procedures As Proof Of Reserves
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Agreed Upon Procedures As Proof Of Reserves

As an accountant in public practice and a digital currency advocate, I frequently receive inquiries from potential clients and others about digital currency audits. The high level of theft and fraud suffered by consumers in the bitcoin community and the novelty of the technology behind many of the companies that serve them have created a…

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Using Bitcoin With QuickBooks- Paying Vendors

This is the third part of a multi-part series that will explain how to use bitcoin with QuickBooks. This procedure will allow you to properly account for your bitcoin expenses and integrate those expenses into your business records as if they had originally been made in your home currency. Side note: Users of Intuit’s PayByCoin…

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