tag:blogger.com,1999:blog-3166473904394352805.post6615764783933866618..comments2017-09-30T16:48:52.037-07:00Comments on Dealing with Taxes: Bitcoin and the DragonUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3166473904394352805.post-66241350002930174032014-11-02T07:35:22.552-08:002014-11-02T07:35:22.552-08:00The Sarbanes-Oxley Act, also called the Public Com...The Sarbanes-Oxley Act, also called the Public Company Accounting Reform and Investor Protection Act of 2002 was signed into law on July 30, 2002 by President Bush. In the aftermath of Enron, Arthur Andersen, Global Crossing, and WorldCom, SOX promises greater corporate accountability and transparency. Named after Senator Paul Sarbanes and Representative Michael G. Oxley, SOX focuses on the importance of ethical behavior in corporate governance-across the United States and now…overseas. <br /><br />All countries have government-required laws like Sarbanes Oxley. In the UK, it’s the "Combined Code on Corporate Governance," in The Netherlands it’s the "Code Tabaksblatt," Germany has a "Bilanz Reform" and a "Bilanz Kontroll Gesetz." But then, why do we need SOX overseas since we already have the required laws? It’s because companies with U.S. headquarters must ensure that all foreign outposts meet federal standards. This is the major cause of concern in the management and accounting circles. According to some experts, the Sarbanes Oxley Act might have dictated convoluted rules and regulations on the U.S. businesses. While the rules are concrete ideologies that prevent accounting scandals, the constant flux in the policies confuses businesses around the globe. <br /><br />Read More here http://accountingtippsandtricks.blogspot.comYoghurthttps://www.blogger.com/profile/09426569621788472668noreply@blogger.comtag:blogger.com,1999:blog-3166473904394352805.post-10320406716348685832014-04-21T06:15:24.678-07:002014-04-21T06:15:24.678-07:00Hi David. You have a good point because the IRS i...Hi David. You have a good point because the IRS is often capricious. I think that, since they have already ruled that Bitcoin is property, not currency, making that property your inventory is something they can't rule against,or, if they do, they will lose mainly because inventory, by definition, is property. Who can know for sure?Ken Shieldshttps://www.blogger.com/profile/16468428002968123448noreply@blogger.comtag:blogger.com,1999:blog-3166473904394352805.post-26043458586363432472014-04-14T07:10:22.111-07:002014-04-14T07:10:22.111-07:00I like your thought process but can this strategy ...I like your thought process but can this strategy be effectively implemented to where it is accepted by the IRS? I can remember years ago where tax theorists were looking at the oil depletion allowance as being analogous to the individual's energy and life. It was a good thought but went nowhere as far as killing the dragon. Best Regards, David GroganAnonymoushttps://www.blogger.com/profile/04847642180805150584noreply@blogger.com