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posted by
martyb
on Monday November 26 2018, @11:18AM
from the Don't-be-like-Al-Capone:-Pay-your-Taxes dept.
from the Don't-be-like-Al-Capone:-Pay-your-Taxes dept.
Ohio is the first state to accept bitcoin for paying business taxes:
There's a lot of legal uncertainty in the US surrounding cryptocurrency, but Ohio is pressing forward. As of this week, it'll be the first state to accept bitcoin for paying tax bills. The Wall Street Journal notes this will be limited to businesses purposes and isn't going directly into Ohio's coffers (an Atlanta firm, BitPay, converts the virtual cash to dollars first). However, it could still be much more convenient for shops that take bitcoin and would rather not exchange the format just to cover their sales tax payments.
You should eventually have the option of paying personal taxes with bitcoin.
From the https://ohiocrypto.com/ web site:
- QUICK & EASY: Businesses can pay their taxes in three quick steps using the Cryptocurrency Tax Payment Portal.
- REAL-TIME TRACKING: Payments on the blockchain can be tracked on a second by second basis.
- SECURE PAYMENTS: Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud.
- LOW FEES: A minimal fee is charged to confirm transactions on the blockchain network.
- TRANSPARENCY: Anyone can view all transactions on the blockchain network.
- MOBILE OPTIONS: Easily make tax payments on your mobile phone or tablet.
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Ohio is the First US State to Accept Bitcoin for Paying Business Taxes
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Grelb's Reminder:
Eighty percent of all people consider themselves to be above
average drivers.
(Score: 0) by Anonymous Coward on Monday November 26 2018, @12:26PM (6 children)
Am I allowed to pay with IOU tickets? When that happens, I won't protest you being able to pay with your own IOU tickets.
The point of the state paying us with its IOU is that it also demands that we pay it for protection, and it accepts its own IOU for that. That means the state's IOU has value.
I can run up the electricity bill as much as I want printing my own IOU bills --- that will not make them real money.
the only thing worse than cryptocurrencies is the reality of electronic voting.
computer scientists working on and for these things are no better than priests selling indulgences a few hundred years ago: they knew they were lying, they knew it would lead to bad deeds by others, but they did it anyway.
(Score: 1) by xvan on Monday November 26 2018, @02:02PM (1 child)
Bank notes aren't IOUs. Not since the gold standard was dropped.
This isn't accepting bitcoins for paying taxes.
This is making a deal with an exchange, for PR, I assume,
while the exchange gets a preferential position for earning those exchange fees.
(Score: 0) by Anonymous Coward on Monday November 26 2018, @03:37PM
That's right. They're not IOUs. They're just counterfeit Green Backs, printed at will and loaned to the federal government with US indentured servants' taxes as collateral for the loan.
(Score: 1, Interesting) by Anonymous Coward on Monday November 26 2018, @02:40PM (1 child)
The bitcoin is handed directly to bitpay. They in turn process it, filing the transfer record attached to your ohio tax form payment stub.
Ohio gets their amount, and bitpay gets some percentage tacked on above that as the transaction fee. This is of course ignoring the fact that paying with bitcoin nets you double transaction fees, and the percentage was last I checked between 1 and 10 percent when bitcoin was under high demand. I imagine the transaction fees have gone up since as the price of bitcoin dropped.
(Score: 2) by legont on Tuesday November 27 2018, @01:56AM
Do Ohio charge taxpayers capital gain tax when their affiliates convert bitcoins to dollars, that's the question. What about federals?
"Wealth is the relentless enemy of understanding" - John Kenneth Galbraith.
(Score: 0) by Anonymous Coward on Monday November 26 2018, @04:05PM
Well, the biggest benefit is the state of Ohio will now have your Bitcoin wallet ID. Isn't that the point of using cryptocurrencies, to unmask your anonymity?
(Score: 1) by khallow on Monday November 26 2018, @09:32PM