0 sats \ 0 replies \ @Lanter 6 Mar \ on: I want to pay my employees in btc bitcoin
We appreciate you contacting us and sharing this thought. It's a neat idea to pay staff using cryptocurrencies like Bitcoin, and it's excellent that you're thinking about the practicalities. Cryptocurrency transactions may have tax ramifications, therefore it's imperative to speak with a tax expert or legal counsel to ensure compliance with local laws.
It sounds like a well-thought-out workaround that you came up with to issue a paystub that shows the USD value and manually enter it into QuickBooks. But as you pointed out, maintaining a paper trail for taxable wages and making sure IRS filing is accurate are both vital.
Consulting with experts in cryptocurrency payroll or businesses that have effectively executed comparable procedures could prove advantageous. They might offer insightful advice and helpful tools for navigating this unusual payment option in the compliance economy.