Bitcoin And Crypto-Currencies For Shopify Store Owners
Type: Digital Good
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1. What is Bitcoin & Crypto-Currency?
2. Why is it gaining popularity?
3. As an online merchant, should you accept Bitcoin or other Crypto-Currencies?
4. How do you enable Bitcoin payments via Shopify?
5. What tools do you need to accept it?
6. Are there case studies of online sellers accepting it and profiting? (yes)
7. Six ways to get Bitcoin today!
8. Two profit strategies to consider!
In the 2nd section of the course interview Julaine Smith, a CPA, co-founder of Accountant Smart, and former VP Of Finance For AT&T Broadband. She answers questions such as,
- How Does The IRS View Bitcoin (The Answer Will Surprise You, it’s not as a currency)
- From Julaine’s perspective, is Bitcoin an asset?
- Are there clear accounting guidelines published for Bitcoin reporting?
- When you accept Bitcoin are you creating a taxable event?
- How do you report Bitcoin on your taxes?
- How do you show it on your business financial statements?
- How do you report it if you use Bitcoin to exhange goods or services?
- Is Bitcoin considered a “cash-equivelant”?
- Could you potentially use 1031 Exchange guidelines for Bitcoin?
- How should you wisely organize things to help your CPA know how to report Bitcoin income?
- If you take an owners draw in Bitcoin, how do you report it?
- If you’ve mined Bitcoin, how does the IRS view that activity? (The answer will surprise you)
There is a ton of hype and enthusiasm for Bitcoin & Crypto-Currencies right now. But as an online seller – you’ve got to decide whether accepting it as a form of payment is right for your business.
This course is designed to give you a good solid introduction to the topic so you can begin the decision making process.