[bivio.com #259744] "categorizing an investment
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[bivio.com #259744] "categorizing an investment So another question: I initially thought that an ETF that our club purchased was a digital asset, so I answered yes to that question in the partnership interview section of the tax preparation process. I went through the rest of the process and found that if we did own a digital asset during 2023, Bivio could not prepare our tax return. As I mentioned earlier, I found out the ETF we bought was not a digital asset, so Bivio could prepare the club 2023 tax return. My club is now considering a digital asset purchase, but before we do I would like to know if Bivio plans on being able to prepare the CY2024 tax returns if a club owns a digital asset? That is a significant factor that will influence our decision. Peter Dunkelberger On Wed, Feb 28, 2024 at 1:31 PM Becky Kruse <support@bivio.com> wrote: Hi Peter, Hi Peter, bivio will not be support accounting or tax preparation for clubs that own digital assets. The accounting for distributions and expenses is complex. Thanks for asking. Let me know if you have any further questions by replying to this email. Becky Kruse Become our Facebook Friend! www.facebook.com/bivio Don't forget! You can always find lots of useful information on our help page. https://www.bivio.com/hp Peter, I've had good results in my personal account the past couple of years with Microstrategy (symbol MSTR). MSTR owns 193,000 Bitcoins and trades with a high correlation to BTC. It is a business intelligence software company. You can read up on Michael Saylor if you like (an MIT trained Engineer) who is influential within the company. As a publicly traded company, it may be a "workaround" to this accounting issue with bivio. Not an ideal one, but possibly one to consider. Best wishes, Rick J Nosky, CPA / MBA
On Thursday, February 29, 2024 at 02:08:07 PM EST, Becky Kruse <support@bivio.com> wrote:
Hi Peter,
bivio will not be support accounting or tax preparation for clubs that own digital assets. The accounting for distributions and expenses is complex. Thanks for asking. Let me know if you have any further questions by replying to this email. Becky Kruse Become our Facebook Friend! www.facebook.com/bivio Don't forget! You can always find lots of useful information on our help page. https://www.bivio.com/hp Yes, thank you. The question would be whether MSTR is a "digital asset". And yes, Saylor got into trouble with the SEC, I believe, several years ago over misclassifying sales and accounts receivable. I gather that is all behind him now. Note: Saylor was MicroStrategy's chief executive officer from 1989 to 2022; in 2000, Saylor was charged by the SEC with fraudulently reporting MicroStrategy's financial results for the preceding two years. He later reached a settlement with the SEC for $350,000 in penalties and $8.3 million in personal disgorgement. Peter Dunkelberger On Thu, Feb 29, 2024 at 2:24 PM Realto Nosky <business.mogul@yahoo.com> wrote:
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