Are you an investor in Bitcoin or other digital currencies? If so, congratulations!  These assets are hot right now and you likely made huge gains.  

But as they they in Spiderman, "with great gains comes great taxes."  Ok, I may have made a small change to the original quote.    

Joking aside, you do need to understand the income tax and accounting implications of your Bitcoin investment.  You might not like it, but the IRS is targeting owners of digital currency.  

So this analysis discusses both the income tax and accounting treatments of Bitcoin.  With this information you will be able to decide the proper reporting of your financial windfall!