“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.” – ohiocrypto.co
A cryptocurrency tax payment portal has been set up by the office of Ohio state Treasurer Josh Mandel at ohiocrypto.com. Cryptocurrency can be used to pay for 23 types of taxes in the state of Ohio, according to the Ohiocrypto website.
The following items are eligible for tax payment via bitcoin:
- 911 wireless
- Cigarettes/Other tobacco products
- Commercial activity
- Consumer’s use
- Direct pay permit
- Financial institutions
- Interest on lawyers trust accounts
- International fuel tax agreement
- Kilowatt hour
- Motor vehicle fuel
- Municipal net profits
- Municipal tax for electric light and telephone
- Natural gas distribution
- Non-resident motor vehicle sales tax
- Pass-through entity tax
- Petroleum activity
- Premium insurance tax
- Public utilities tax
- Sales tax
- Seller’s use tax
- Severance tax
- Streamlined sales tax
- Withholding tax
The website also outlines the benefits of paying tax with cryptocurrency claiming the process as being ‘quick and easy’ for taxpayers. Taxpayers have to follow three steps for paying their taxes with bitcoin:
- Register on the website
- Enter the tax payment amounts and tax period dates
- Use ‘your compatible cryptocurrency wallet to pat the invoice with Bitcoin
Payments are tracked in ‘real-time on the blockchain’, according to the website. They are secured as ‘cryptocurrencies cannot be transferred to third parties without user initiation’, as claimed by the site, 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. As noted by the website, a minimal fee is charged to confirm transactions on the blockchain network.
Link to original article here.