Ohio 1st State To Take Bitcoin For Business Tax Payments

Law360 (November 26, 2018, 7:07 PM EST) -- Ohio on Monday became the first state in the nation to allow businesses to pay state taxes with cryptocurrency, a move that is receiving mixed reviews from tax professors.

Ohio Treasurer Josh Mandel announced Ohio would partner with contractor BitPay to allow businesses to pay taxes with bitcoin. (AP) Ohio Treasurer Josh Mandel announced the state would partner with BitPay, a contractor that converts cryptocurrency to the client’s preferred form of currency. Businesses can pay with bitcoin, but Ohio will not hold the cryptocurrency at any time, Mandel’s office said in a statement.

 

Once a business uses OhioCrypto.com, the state’s new website...

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