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TUCSON, Ariz. – Knowing that cryptocurrency is an up and coming form of payment, GMLCPA believes that this is a necessary addition to ensure that their client’s needs are being met. The firm sees cryptocurrency as not a fad, but an opportunity to grow. Several companies, like Overstock.com, have started accepting bitcoin and expanded their service market to reach all over the world. In the past, service markets were limited to the access to banks and other financial agencies, and with cryptocurrency, this restriction is eliminated. All that is needed to complete a bitcoin payment is a connection to the internet.
Accounting for and taxation of these transactions will be part of a normal CPA practice in the coming years; they are happy to take on this new adventure. Keeping with her firm’s culture, Luoma believes “accepting bitcoin as a form of payment is our way of adhering to our company culture of learning and innovating. Cryptocurrency is, and will be part of the future of all business transactions.”