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American companies can now pay wage taxes in cryptocurrency via Bitwage

American companies can now pay wage taxes in cryptocurrency via Bitwage

Taxes

Bitwage, the international cryptocurrency payment service provider, has announced that it has partnered with Simply Efficient HR, based in Texas. The move will allow companies to pay W2 employee and salary taxes in all 50 US states, in addition to Puerto Rico, using BTC and ETH.

Read also: Bitpay reports that process transactions for over $ 1 billion in 2018

Bitwage connection forces and simply efficient

With the Bitwage solution now out of beta, American employees are able to choose any percentage of their salary in USD or cryptocurrency. To participate, a company must enroll in Bitwage, reach support for personnel and human resource management services to receive personalized account management from the Simply Efficient HR team, then add the Bitwage account. . Simply Efficient HR invoices companies through Bitwage for USD needed to finance payroll and salary taxes for employees and the company accepts payments of invoices and funds in BTC or ETH.

Bitwage CEO Jonathan Chester commented: "As a leader in cryptocurrency payroll solutions, we are thrilled to continue pushing the adoption of real-world use cases. Together with Simplexity, we hope to close the financial cycle within the cryptocurrency sector and continue to make bitcoins and other cryptocurrencies part of everyday life. "

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Bridging the gap with the traditional financial system

The partnership has been live in beta mode since November, with its first customer the Paxful peer-to-peer exchange. "Bitwage bridges the gap between bitcoins and the traditional financial system," said Hayel Abbassi, Paxful Controller. "As a company that earns 100% of the bitcoin revenue, we are always looking for service providers that will accept the digital currency, Paxful has a significant team in the United States and we have to pay them as payroll employees, not as entrepreneurs. Bitwage has recently formed a partnership with a traditional payroll company that integrates into their platform to provide these services.Pixx simply sends bitcoins to an address, and our employees receive net checks with the correct federal and state taxes. "

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Tax form W2

According to the announcement, US customers of Bitwage are also able to pay for benefits such as health insurance and HR compliance services. Companies around the world are able to use their cryptographic holdings to pay for local suppliers in the United States, the United Kingdom, the United Kingdom, Brazil, the Philippines, India, Mexico, Argentina, and other regions.

Would you be interested in settling payroll taxes with cryptocurrency? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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