Comment on What's Happened Since Time Dropped Its Paywall 1 Year Ago
SaltySalamander@fedia.io 2 months agoThe tax man doesn't care if your business takes cash, card, or crypto. Income is income, whether you're a business or a regular joe.
Comment on What's Happened Since Time Dropped Its Paywall 1 Year Ago
SaltySalamander@fedia.io 2 months agoThe tax man doesn't care if your business takes cash, card, or crypto. Income is income, whether you're a business or a regular joe.
Peffse@lemmy.world 2 months ago
I don’t think it’s that simple for a business. Crypto is simultaneously an asset and an income once it is sold, but also not a traditionally defined accounting asset. Combine that with how slow the government has been to properly define crypto, I bet most businesses would rather just not have to deal with it. Last thing they’d want is the IRS coming after them for doing it wrong.
SaltySalamander@fedia.io 2 months ago
As someone who's accepted crypto as payment for about 10 years now, it really isn't. Income is income to the IRS. You pay taxes on the value of the crypto you received as payment, full stop. It really doesn't matter what you accept as payment. Could be crypto, could be russet potatos.