Management And Accounting Web

Gregg, A. 2017. Start-ups embrace cryptocurrency to raise needed capital: 'Initial coin offerings' let companies raise money without ceding control. The Washington Post (December 4): A13.

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  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."

This article also appeared in the on-line version of The Denver Post. See

For more information about TaxToken see


Related summaries

Appelbaum, D., A. Kogan and M. A. Vasarhelyi. 2017. An introduction to data analysis for auditors and accountants. The CPA Journal (February): 32-37. (Summary).

Martin, J. R. Not dated. New and old ways to spend and pay or delay. Management And Accounting Web

Martin, J. R. Not dated. What is data mining? Management And Accounting Web.

Roberts-Witt, S. L. 2002. Data mining: What lies beneath? Finding patterns in customer behavior can deliver profitable insights into your business. PC Magazine (November, 19): iBiz 1-6. (Note).