Ohio Now Accepts Bitcoin as Tax Payment - Articles

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Posted by: Chelsea Bennett on Nov 29, 2018

Ohio State Treasurer Josh Mandel said this week that businesses operating in the state will be able to pay for 23 different types of taxes using bitcoin, Huffington Post reports. Businesses will need to register for the program through a website that utilizes a third-party processor, BitPay. The digital currency is converted into dollars and deposited in the state’s account. Bitcoin is the only cryptocurrency currently accepted, but Mandel is looking to add others in the future. This Forbes article analyzes the tax implications for business that choose to use this type of payment, including triggering tax gains and losses.