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This is the conundrum that gives rise to the issue of tax avoidance: Although governments always seem to lack sufficient funds to support the needs of society, tax codes are often written that offer ''a way out'' of paying taxes for some but not all constituents. The ways out are referred to as loopholes that allow taxpayers to avoid taxes. This paper first defines the basic terms of tax avoidance and tax evasion and then offers an ethical review of the morality of aggressive tax avoidance. Aggressive tax avoidance is then addressed in relationship a corporate entity's tone at the top. The conclusion is drawn that use of the letter of the law to avoid payment of taxes sorely needed by governments for the good faith provision of public goods and services is ethically unacceptable. Several suggestions for change are provided, including a new financial statement disclosure and the possibility of a published corporate ethics report.

Despite the frequent mention of Bitcoin in recent years in the press and business publications, many people are still uncertain what this cryptocurrency is or how it works. And although bitcoins (BTCs) are now an accepted medium of exchange for some businesses and not‐for‐profit organizations, no specific accounting guidance has been issued for these transactions. This article provides some basic information about BTCs and addresses six specific financial accounting issues: asset classification, mining activity, investment holdings, exchanges, merger and acquisition (M&A) transactions, and disclosure.

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