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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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Two is not equal to three, even for large values of two.
(Score: 2) by looorg on Tuesday November 27 2018, @08:54AM
Considering the current bitcoin market volatility one is left wondering how smart this is, sure normal $ can fluctuate some to but it doesn't tend to swing and/or drop as much as bitcoins are doing at the moment. The last month has had 1 xbt drop from $6400 to $3700. A year ago a xbt was worth $15-20k. Seems like paying taxes with funny-money.
https://www.xe.com/currencycharts/?from=XBT&to=USD&view=1Y [xe.com]