Ohio Becomes First State to Allow Withholding Payments in Bitcoin
The Ohio Treasurer of State (TOS) is now accepting cryptocurrency to pay business taxes, including withholding tax. According to the TOS, it is the first state to allow withholding payments to be made this way. Currently, only Bitcoin can be accepted.
The TOS has established a new website, where employers can register to pay withholding taxes in cryptocurrency (Bitcoin). Employers must register with TOS via the website to make payments (select “Get Started” on the home page). Ohio Business Gateway will still be used to file withholding returns and for other electronic payment types.
BitPay sets the exchange rate for a 15-minute allotted time window for each transaction once an employer begins to make a payment using the website. BitPay assumes the risk of any market fluctuations during the allotted time window. If an employer does not submit a payment during the 15-minute window, the transaction must be restarted. The new transaction will include an updated exchange rate.
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