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Ohio is First State to Accept Cryptocurrency for Tax Payments

 

On Monday, November 26, 2018, Ohio became the first state in the country to accept cryptocurrency for tax payments. The State partnered with BitPay, a third-party payment processor, who collects the bitcoin from the taxpayer, converts it to U.S. dollars, and then remits the amount to the State. Right now this option is only open to businesses and bitcoin is the only cryptocurrency that is being accepted, though the State aims to expand the program in the future.

The move was done in hopes of attracting more start-up companies to the state. It could also prove to be a cost-saving move for the State. BitPay collects a 1% fee, less than half of what credit card companies typically collect. There are a few other states that have considered accepting bitcoin or other cryptocurrency and are expected to closely monitor how the process goes for Ohio. The announcement also comes at a time when the value of bitcoin has been steadily decreasing in recent months. In November alone, the value fell by over 30% and that may have an impact on how enticing this program is to taxpayers.

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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