Faculty News

Professor David Yermack discusses how small businesses can use cryptocurrency

Fit Small Business logo 192 x 144
Excerpt from Fit Small Business -- "Cryptocurrency is treated as property for tax purposes. If you don’t convert it immediately to cash, you may have a capital gain or loss in the future when you eventually sell the currency. There is also the need to convert crypto into real currency for accounting and financial reporting purposes. For example, to report revenue, the crypto is required to be in your base currency, which is different from a company that has revenue in both dollars and euros but simply reports everything in dollars."

Read more