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I'm considering starting an ethical business for users that accepts Bitcoin as a payment. My intent is to abide by all laws and interpret them in an appropriate manner.

My intent is to abide by the "spirit" of existing tax and state law. What special actions should I take when accepting Bitcoin as payment for my services?

Some things I've considered include:

  • Detailed logging of the transaction (IP addresses, shipping address)
  • Voluntarily pay taxes on income, international fees (if any apply)
  • Enhanced identity validation of each person involved in the transaction
  • Adherence to data privacy laws (EU PII laws, HIPAA, etc)
  • Co-operation with federal authorities with regard to legal subpoenas (etc)
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Don't forget that you are competing against every other business. If a competitor has lower cost because these "special actions" aren't necessary, you will operate at a competitive disadvantage. But go ahead, knock yourself out! –  Stephen Gornick Nov 23 '12 at 2:28

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