30 Mar
2012
30 Mar
'12
11:37 a.m.
On 03/30/12 21:10, Andy Smith wrote:
…unfortunately BitFolk's accountant doesn't
really know how to make
sense of it. The concept of virtual currencies strikes fear ,
uncertainty and doubt into their hearts, not joy. I don't really want
to push them over it at the moment.
From an accounting point of view it should be treated no differently
than accepting say euros in physical currency, and you get taxed on any
profit, or claim a loss, from the exchange rate conversion back into
what ever currency you usually trade in.
The key so you don't loose out too much would be to have an account with
an exchanger so you can flip things over quickly as bitcoin isn't mature
enough yet to be a stable currency so there just as much potential for
loss or gain which could hurt a small enterprise as it may become a
large percentage of your business due to not having any middle men to
take their pound of flesh from the transaction.