XcomPC

Collaborate, Share, Succeed

Your One-Stop Source for Business Technology News & Information

If you’re a business or organization and feel like you spend endless hours trying to understand all the available technology, then you’re in the right place. Learn about current file sharing and collaboration technologies like Microsoft SharePoint and the cutting-edge cloud computing.

Home / Cloud Computing / Ohio Becomes First State to Allow Cryptocurrency Tax Payments

Ohio Becomes First State to Allow Cryptocurrency Tax Payments

February 22, 2019 By XcomPC editor

Cryptocurrency tax payments

In November 2018, Ohio became the first state to allow business owners to use bitcoin and other cryptocurrencies to pay their taxes. 

According to The Wall Street Journal, businesses can use this method to pay taxes on anything from employee withholding to cigarette sales.

Josh Mandel, Ohio state treasurer, conceptualized this program. The ultimate goal of accepting cryptocurrency for tax payments is to show that Ohio wants to rebrand itself and usher in a new era as being tech-friendly.  

Three other states (Arizona, Georgia and Illinois) considered allowing for bitcoin payments; however, those initiatives never made it past their state legislatures. Businesses who wish to pay their taxes with cryptocurrency can register with the state, enter their tax information and then pay with cryptocurrency.

Benefits of paying with cryptocurrency

  • Real-time tracking: Payments can be tracked along the blockchain to the second.
  • Secure: No third party can have a cryptocurrency transferred; therefore, fraud is practically impossible.
  • Mobile pay: You can make payments via your tablet or phone.
  • Quick and easy: Once you’re registered, the cryptocurrency tax payment portal is simple to use.
  • Transaction transparency: All transactions can be viewed along the blockchain network.
  • Low fees: Transactions on the blockchain are minimal.

Despite the new law, it’s yet to be seen if any businesses will utilize the option. Cryptocurrency is also being increasingly used for payment on cloud platforms.

Filed Under: Cloud Computing Tagged With: business intelligence

Navigation

  • Knowledge Center

Categories

  • AV Solutions
  • Business Technology Solutions
  • Cloud Computing
  • Cloud Storage & Sharing
  • Enterprise Mobility
  • IoT
  • Microsoft SharePoint Tools
  • Mobile App Development
  • Social media
  • Software for Industry

Latest from Xcom

  • Six Top Cloud Service Providers
  • Why Empowering your SharePoint Developer is Critical
  • 5 Tips for Simplifying E-mail Marketing with Salesforce.com
  • Top 10 Online Features of Microsoft SharePoint
  • The Five Components of Microsoft Cloud Computing and How They Can Save Your Business Money

Technology Services

  • Atlanta SEO & Marketing
  • Microsoft Community
  • 2014 Colud Computing Vendors

Blogroll

  • ZDNet
  • Wired
  • cNet
  • Gizmodo
  • The Verge

RSS Technology News

  • Joe Biden's Mixed Iran Messages February 26, 2021
  • The Khashoggi Sanction February 26, 2021
  • Kazuo Ishiguro's 'Klara and the Sun'---and Other Books to Read February 26, 2021
  • California's Climate Contradictions February 26, 2021
  • If Nice Guys Finish Last, How Could Trump Have Lost? February 26, 2021
  • What Altered the Public's Taste for Lies? February 26, 2021

RSS All About PC

  • More than a third of Buffalo's tallest building is spoken for. Here's who's moving in. February 28, 2021
  • Astronomy: Marrakech Hosts Morocco's 1st Radio Telescope February 28, 2021
  • Global education has permanently changed February 28, 2021
  • Live Casino vs Online Casino: What is the Difference? February 28, 2021
  • Latest HDMI Cable Market Report – Global Industry Analysis, Development, Scope, Share, Trends ... February 28, 2021
  • Home Appliance Recycling Market 2021: Analysis Of The Industry By Size, Share, Consumption ... February 28, 2021

RSS Today’s Software

  • Volvo Cars Initiates First Ever Over-The-Air Software Update On XC40 Recharge February 28, 2021
  • The world's biggest camera-operated autonomous store has opened in Shanghai. This is how it ... February 28, 2021
  • Indian school students discover 18 new asteroids February 28, 2021
  • Free virtual tax filing assistance open now to public February 28, 2021
  • Trending News 2021: License Management Market Size, Demand Status | Global Industry ... February 28, 2021
  • SolarWinds hack pits Microsoft against Dell, IBM over how companies store data February 28, 2021

© 2021 XcomPC. All rights reserved.