"We want to project to the rest of America that Ohio is loud and proud about embracing blockchain technology," he says, noting that the launch of coincides with a major blockchain conference in Cleveland. He eventually wants to expand payments to individual taxes and other types of cryptocurrencies. ![]() Given those features, Ohio Treasurer Josh Mandel hopes accepting bitcoin for 23 business taxes will be particularly appealing to tech startups and international businesses. Distributed ledger technology - such as blockchain - allows users to record data and transactions instantaneously in a way that is mostly unhackable. As part of their partnership with BitPay, Ohio and Seminole County lets the company keep the fee as compensation.īitcoin is the most well-known of cryptocurrencies, which all use distributed ledger technology. Second, bitcoin offers taxpayers an option with a lower fee - 1 percent - than those associated with credit cards, where there's usually a 2 or 3 percent surcharge for payments to the government. "Whether bitcoin is worth $1,000 or $10,000 dollars is not relevant to us because it works like an exchange rate," says Joel Greenberg, Seminole County's tax collector. This week, the currency saw a quick drop, falling more than 6 percent to $3,886 per coin on Monday. The cryptocurrency's value plummeted 73 percent this year. ![]() After all, it's been a topsy turvy year so far for bitcoin. That makes the transaction less risky for governments. First, BitPay - much like currency exchange desks - locks in an exchange rate and converts the currency to U.S. Coinbase was among the first to integrate TurboTax support on both of its retail and professional platforms to allow its customers to claim crypto trades on their taxes.Įrnst & Young also launched an accounting and taxation tool to facilitate accounting and tax calculations for cryptocurrency transactions for both retail and institutional investors.For both Ohio and Seminole County, accepting bitcoin has two major perks. Many companies in the United States are adding tax support, mostly for declaring crypto incomes while filing returns. CoinRT enables them to get Bitcoin quickly and easily for one flat fee.” Crypto support in taxation “Adding Bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. “Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently,” Roger Chinchilla, CEO of the company, added.
0 Comments
Leave a Reply. |