Note by James R. Martin, Ph.D., CMA
Professor Emeritus, University of South Florida
Blockchain and Bitcoin Bibliography | Data Mining and Big Data
Main
A group of students and former students at James Madison University is using an initial coin offering (ICO) to launch a business called TaxToken. Those who purchase the company's virtual tokens don't get any equity, but they can use the company's applications, and benefit (or lose) if the value of their tokens increases (or decreases). So far, the company has raised over $700,000 in this manner. People can buy cryptocurrency using smartphone apps like Coinbase. Initial coin offerings are a way to raise money without complying with securities rules.
According to their web site at Taxtoken, "TaxToken harnesses the power of blockchain to revolutionize all forms of personal and business accounting:
Automatic generation of ready-to-file tax reports,
Patent-pending “One-Click” Crypto gains and losses, tracker
Advanced accounting automation with smart contracts & invoices,
Enhanced cashflow with lower fees and instant transactions,
Real-time reporting and data analytics,
Superior auditability with instant, third-party validation,
Year-round coverage of all taxable events."
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Related summaries:
McKenzie, B. and J. Silverman. 2023. Easy Money. Abrams Press. A 2023 review from the Journal of Forensic & Investigative Accounting 15(3). (Note).
Pope, K. R. and L. Black, 2023. Understanding blockchain: Cryptocurrencies aside, knowing blockchain's potential uses and impacts on operations and the finance function is critical. Strategic Finance (March): 38-45. (Summary).