Ohio’s state treasurer recently made a statement in which it showed that just 2 businesses filed taxes with the use of crypto, taking advantage of the crypto tax payment scheme of the state.
Robert Sprague spoke at a forum and answered questions about the bitcoin payment option available for business taxes, a system that was set up by Josh Mandel, Sprague’s predecessor at the end of December 2018. According to him, just two businesses submitted requests to use the OhioCrypto.com platform to make tax payments in bitcoin.
We’re reviewing how the program might be either curtailed or might be expanded, and what our counter-party risk is with that vendor.
There was a decline to talk about specific details about value so we do not know how much the taxes paid in bitcoin summed up to. However, this is completely normal since financial confidentiality dictates such tax-related info cannot be disclosed. What can be said is that there is a slow usage rate. However, this is not going to deter anything. Lawmakers in Ohio work hard to become a hub for the use of blockchain.
When the system was set up, Josh Mandel declared:
Our biggest motive here was to give taxpayers more options in paying their taxes. The state is proud to take this small step to…enable taxpayers to be able to pay via cryptocurrency.
In order to pay business taxes with cryptocurrency there are 3 steps that have to be taken:
- Registration – The business needs to register and then set up the account on the tax payment platform.
- Tax Details – Different tax details need to be added.
- Pay – Payment can come from a compatible Bitcoin walled, like BRD, Bitcoin Core and Mycelium.
After the payments are processed through the use of BitPay, digital assets end up converted into USD and then they are sent to the office of the Ohio state treasurer.