Saturday, 08 August 2020

BitPay Partners Refundo To Offer Income Tax Refunds In Bitcoin

Bitcoin and blockchain payment processor BitPay, Inc. is teaming up with tax-related services provider Refundo to offer tax refunds directly to federal and state tax payers in the U.S. in Bitcoin through BitPay's Payouts.

The taxpayer can choose to receive the entire tax refund in Bitcoin, or split the tax refund to receive only a portion of it in Bitcoin and the other portion in fiat by using Refundo's CoinRT product. The refund is processed by CoinRT for one flat fee of $34.95 regardless of the refund amount.

Customers will be able to use their digital wallets to receive the refunds without needing a bank account. They can also save on transaction fees while paying with Bitcoin.

Once the IRS or state deposits the refund to Refundo, BitPay processes the payment and the cryptocurrency is deposited into the taxpayers' Bitcoin wallet. The refund can go directly to a chosen online, desktop, mobile, or cold storage wallet.

Bitcoin provides transparency as every transaction is verified, recorded and stored on the blockchain. The transaction itself contains no sensitive personal information.

In July last year, BitPay had become the first blockchain payment processor and the first non-exchange to secure a BitLicense, a virtual currency license, from the New York Department of Financial Services (NYDFS). This allowed BitPay to facilitate payment in Bitcoin between merchants and consumers in the State of New York.

source: RTT
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