Information System – Tax Implications of Bitcoins Questions Prepare a short answer response to three of these questions. You may type in your answer right

Information System – Tax Implications of Bitcoins Questions Prepare a short answer response to three of these questions. You may type in your answer right after each question here in this document. Each answer should be 200 – 500 words. Your response ideally should add to the discussion and not simply repeat the information previously posted. Provide the URL of any sites or documents used to answer the question. Question: Prepare a short answer response to three of these questions. You may type in your
answer right after each question here in this document. Each answer should be 200 – 500 words.
Your response ideally should add to the discussion and not simply repeat the information
previously posted. Provide the URL of any sites or documents used to answer the question.
1.
What does the IRS think about bitcoins? What are the tax implications of bitcoins?
2.
What does a business have to consider if they accept bitcoins? Focus on both accounting
and non-accounting implications.
3.
What does an individual have to consider if he/she trades with bitcoins? Focus on
accounting and non-accounting implications.
4.
What are the legal issues related to bitcoins? What laws may be impacted by bitcoins?
5.
Do you think bitcoin or another cyber currency will replace existing traditional currency?
Why or why not?
6.
What happened regarding the failed MT GOX bitcoin exchange? Do you think this will
happen again?

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