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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?
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).
Re:Bitwage by Gotperl on Thursday July 24, 2014 @11:49AM (#8080197)
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
Re:Bitwage by baddox on Thursday July 24, 2014 @03:27PM (#8081608)
Re:Bitwage by greenyoda on Thursday July 24, 2014 @01:47PM (#8081077)
And payroll taxes certainly need to be paid in US currency. The IRS and state tax departments don't accept Bitcoin.
Re:Bitwage by bduerst on Thursday July 24, 2014 @02:32PM (#8081325)
They do, but it's classified as a "barter".

If you have the option to get USD instead of BTC, then you're much, much better off getting paid the former.