Bitcoin

Dozens of hedge funds investing billions of dollars in cryptocurrencies don’t know if they’re calculating their taxes correctly, which may be a problem now that U.S. authorities have said they’re going to be scrutinizing virtual currencies.

The technology might be the hottest topic in accounting today, and the trend continued at the Accounting and Finance Show in Los Angeles.

The Top 25 Firm has established a digital currency and blockchain services group, and is bullish on the future of ICOs.

The education provider offers courses about the complexities of accounting and taxation of digital currencies such as bitcoin and ethereum.

The AICPA has suggested guidance on the tax treatment of cryptocurrencies.

Accounting firms often hear about the promise of data analytics and leveraging “big data” to drill down for insights to help their business clients.

The Internal Revenue Service has been leading the charge on investigations of Bitcoin users, with more on the way now that it has access to information from at least 14,000 customers of Coinbase.

Practitioners share their clients’ need for education on bitcoin and its ilk.

The American Institute of CPAs wants additional guidance about Bitcoin taxes.