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BitPay in new Partnership allows you to receive tax return in BTC

Posted on
1 May 2019
( 2 days ago )

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BitPay announces partnership with Refundo, a tax related financial products company. Through this partnership BitPay plans on enabling people to get a portion of their tax return back in Bitcoin, according to a press release through Business Wire on April 30.

This partnership is set to use elements from Refundo and Bitpay, including Refundos newly released CoinRT. CoinRT was setup to allow taxpayers to receive a portion of their federal and state tax refunds in BTC. They receive that BTC through BitPay’s Payouts, which offers low transaction fees and speedy transaction processing.

In order to get the ball rolling on receiving your tax returns in BTC, you need to create an account, provide your Bitcoin wallet address, then input a unique routing and account number on your tax return, that will be supplied to you. Once this is done you need to pass a Know Your Customer procedure. Once you fill all the prerequisites and once your refund is deposited, BitPay processes the payment and transfers it to your crypto wallet.

With taxes and crypto not going hand in hand, various partnerships have been made in an attempt to mitigate the issue. In February of this year the tax preparation giant TurboTax, partnered with CoinsTax to add a crypto tax calculation to its services. Users can now import trading data directly from major exchanges. This will simplify the process of figuring out capital gains, and the service will even upload this infof directly into your tax Form 1040 Schedule D.