My C Corp started to accept Bitcoin in 2020 for some digital products we sell. We did a small number of transactions that amounted to a few hundred dollars. We never converted it to USD and it is still just sitting in the wallet. With the current rise in Bitcoin it has also appreciated.
I understand that Bitcoin is viewed as an asset, not currency, and I get the rules for reporting for individuals but I'm less clear on how these Bitcoin transactions and the account itself gets reported for a C Corp. I'm hoping someone can explain what needs to be reported, what gets taxed and when.
