Re:Bitwage
by telot on Thursday July 24, 2014 @08:37AM
(#8079254)
Anyone know of the tax benefits/pitfalls of paying (and being paid) in bitcoin?
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Re:Bitwage
by logicchains on Thursday July 24, 2014 @09:40AM
(#8079501)
It certainly makes tax evasion easier, if that counts. Not as easy as paying/being paid in cash, but far easier than other electronic means of payment (in the sense that it currently offers more anonymity).
It isn't legal in most US states. Almost all states have laws that dictate employees working within that state have to be paid in US currency
To cite one example, here's Texas:
And payroll taxes certainly need to be paid in US currency. The IRS and state tax departments don't accept Bitcoin.