Businesses can now pay taxes using BitCoin in Ohio

Sounds like a good way to figure out who to audit. Any business doing Bitcoin transactions is probably hiding income/sales.
 
Overnight said:
Oh, that will go extremely well for the government coffers.
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You're probably right but.....simply accepting Bitcoin for payment coupled with a system to convert it to USD immediately isn't really that risky. Gimicky, not necessary for a tax authority and certainly a solution looking for a problem, but not necessarily a financial risk beyond the cost of setting up and running it. Heck if they took a big enough "convenience fee" or haircut on the rate they may even make some extra money on it.
 
Gotcha said:
Sounds like a good way to figure out who to audit. Any business doing Bitcoin transactions is probably hiding income/sales.
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Kind of like the Nigerian scammers purposely put grammer errors in their solicitation emails so that they only waste time with the really dumb targets. These OH folks could be brilliant!
 
On the flipside the Indian tax debt scammers also rely on cryptos. That used to be a key distinction between legit calls and scams, it's gone now.
 
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