US State – Ohio will soon accept Bitcoin as taxes payment method
Ohio will soon be the first state to accept Bitcoin for taxesThe state of Ohio will accept Bitcoin for Ohio business tax payments beginning this week — a first for the US, according to a report from The Wall Street Journal.
The filing process involves three steps: First, businesses will have to register with the Office of the Ohio Treasurer through a dedicated portal called OhioCrypto.com. They then need to enter tax details such as payment amount and tax period, and, finally, the due amount is paid in bitcoin using a “compatible” crypto wallet, according to the portal, in the future they will add some new cryptocurrencies.
There are 23 taxes that can be paid with Bitcoin, including sales tax and withholdings taxes. For a full list of eligible taxes, check OhioCrypto.com's FAQ page. All tax payments will be processed by Atlanta-based bitcoin payments processor BitPay, which will convert bitcoins to dollars for the Treasurer’s office.
In August, Ohio Speaker Ryan Smith held a press conference that included politicians, business leaders, and academics to blockchain's potential in Ohio. "Because this is so new and this is just beginning to take shape, we can position Ohio out front," Smith said. The same month, Ohio passed a law that officially recognized blockchain data as a form of electronic record.