Ohio crypto tax payments are off to a slow start
The State of Ohio announced that business can use crypto to pay their taxes. This announcement came into much fanfare as it established Ohio as a potential crypto leader amongst the states.
Now that we are fully in the 2019 tax season, we can look at actual usage. As of today, only two businesses have filed their taxes using crypto. At the Ohio State Associated Press, Robert Sprague, the state treasurer of Ohio, stated that the state has accepted the two transactions and are reviewing if the program should be curtailed. It's also important to note that this program was put in place by his predecessor, John Mandel.
Why haven't crypto tax payments taken off in Ohio?
It's too early to say but here are a few potential reasons:
1. Only businesses can take part of this program. Most crypto holders are individuals. Ohio residents cannot pay their personal income taxes using crypto.
2. Bitcoin has experienced recent uptick in price. While it might have been beneficial to sell some of the crypto holdings to pay off taxes a few weeks ago, its possible that businesses do not want to liquidate their positions at this current moment.
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