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Tags: Bitcoin

Large companies from car maker Tesla Incorporation to business intelligence firm Micro Strategy Incorporation have swapped billions of dollars in cash for cryptocurrencies like bitcoin in recent months. Here are a number of the key questions over cryptocurrency bookkeeping and tax. How does crypto accounting work? The bookkeeping rules employed by U.S. companies make no specific regard to cryptocurrencies like bitcoin. Under guidance from 2019 issued by the U.S. accounting trade body, companies account for bitcoin under rules for “intangible assets“ like property.