Overstock, the US online retailer, announced that it will pay a portion of its business taxes in Ohio in Bitcoin.
Earlier in November, the state of Ohio opened a cryptocurrency portal that allows businesses to pay 23 different taxes with the digital currency, ranging from cigarette and tobacco to fuel and sales taxes.
Overstock will pay its eligible commercial activity taxes (CAT) via OhioCrypto.com site starting from next month. Businesses interested in paying their taxes in bitcoin can do so after registering with the new website and signing up with crypto payment processor BitPay.
Do not forget that paying taxes or spending cryptocurrency in any other form is also potentially a taxable event.
Whether you need tax preparation services, assistance with properly reporting gains and income from virtual currencies on your taxes, cryptocurrency portfolio analysis, or any other service provided by a certified accountant, Camuso CPA can help.