US State of Ohio Accepts Bitcoin for 23 Types of Taxes
The U.S. state of Ohio has set up a cryptocurrency payment portal and reportedly starts accepting payments in bitcoin for 23 types of taxes this week. Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency, the Treasurers Office wrote.
Ohio Accepts Bitcoin for Tax Payments
The office of Ohio Treasurer Josh Mandel has set up a cryptocurrency tax payment portal at Ohiocrypto.com. The website explains that businesses do not have to be Ohio-headquartered to pay their taxes in cryptocurrency, adding:
Under the leadership of Ohio Treasurer Josh Mandel, taxpayers are able to pay their state business taxes with cryptocurrency for the first time anywhere in America. Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency.
Beginning this week, Ohio businesses will be able to go to the website Ohiocrypto.com and register to pay everything from cigarette sales taxes to employee withholding taxes with bitcoin. the Wall Street Journal reported on Sunday. Eventually, the initiative will expand to individual filers.
23 Eligible Types of Taxes
According to the Ohiocrypto website, cryptocurrency can be used to pay for 23 types of taxes.
Eligible taxes are 911 wireless, cigarette / other tobacco products, commercial activity, consumers use, direct pay permit, financial institution, interest on lawyers trust accounts, international fuel tax agreement, kilowatt hour, motor vehicle fuel, municipal net profits, municipal tax electric light & telephone, natural gas distribution, non-resident motor vehicle sales tax, pass-thru entity tax, petroleum activity, premium insurance tax, public utilities tax, sales tax, sellers use tax, severance tax, streamlined sales tax, and withholding tax.
The Ohiocrypto website also outlines the benefits of paying with cryptocurrency. Firstly, it is quick and easy for taxpayers, the website claims. There are three steps to follow: registering on the website, entering tax payment amounts and tax period dates, and then using your compatible cryptocurrency wallet to pay the invoice with bitcoin.
Secondly, payments are tracked in real-time on the blockchain. Thirdly, they are secured as Cryptocurrencies cannot be transferred to third parties without user initiation, the site notes, adding that transparency is another benefit since anyone can view all transactions on the blockchain. Furthermore, there are mobile options allowing taxpayers to make payments on their phones or tablets. The website also notes that A minimal fee is charged to confirm transactions on the blockchain network.
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