Speaking my language here lol. I understand the recording of the transactions. The bulk recording you mention is similar to how some shopping cart software does, they bundle transactions into one invoice you import into Quickbooks or equivalent.
My thing is having to also worry about taxable events and capital gain/loss in general.
For ex: a $1,000 sale could have a COGS expense of $800. The short-term volatility of BTC could be either beneficial if price goes up or a loss if price goes down. Let’s say it takes a few hours or a day and BTC is down 5%. I’d have to sell more than $800 worth of BTC I collected into fiat now to cover vendor COGS (less profit for me). In theory I would have a capital loss but capital gains or loses can’t offset ordinary business income, so it would only apply to future capital gains from BTC or other assets/investments.
Anyway, I think for most small businesses this is added work. Like I mentioned, bitpay does make this easier as they handle it all for you but defeats the point of removing middle-men.
At the moment accepting BTC as payment seems great for soloprenuer service-based businesses with little to no COGS. They might keep all the BTC and pay ordinary income taxes with fiat income from other sales.
Does that make sense or did I complicate it?
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No I understand what you’re saying. I guess I’m approaching it from the idea that it’s more than likely a novelty in the beginning, you won’t have a lot of sales, and the inventory costs would be covered by the gross profit of the other items. This would allow the store owner the ability to “bank” the sats for future use therefore converting cash to the “harder” asset of sats.
It certainly easier for a service business to get to a bitcoin standard since most service business revenue is “self generated “ and therefore has very little cost.
But the idea still stands, the collection of bitcoin for a good or service would generate ordinary income , creates a basis for a future sale, and the future sale would generate a capital gains tax or benefit based on the holding period.