BitPay Ties with Refundo for Tax Refunds in Bitcoin

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider BitPay partnered with Refundo to facilitate federal and state tax refunds in Bitcoin for the United States’ taxpayers.

Refundo, a tax-related financial products company, released a new product called CoinRT for tax payouts in Bitcoin. It will allow its users to get all or a portion of tax refunds in digital currencies and will use BitPay’s Payouts for efficiency and low transaction fees.

Mentioning this new crypto-based product, Rolf Haag, head of business solutions at BitPay, said: “Refundo's integration joins existing BitPay Payouts used in global marketplace, affiliate programs, and payroll, highlighting the high-speed and low cost of Payouts in Bitcoin. Whether they're going around the corner or around the globe.”

Tuesday’s announcement detailed that customers have to pass a proper know-your-customer (KYC) process and will have to provide a Bitcoin wallet address while opening a new account. Customers then need to provide their unique routing accounting number on their tax return, and BitPay will automatically process any tax refunds received from the Internal Revenue Services (IRS) or state tax authorities.

“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently,” Roger Chinchilla, CEO of the company, added. “Adding Bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get Bitcoin quickly and easily for one flat fee.”

Crypto support in taxation

Many companies in the United States are adding tax support, mostly for declaring crypto incomes while filing returns. Coinbase was among the first to integrate TurboTax support on both of its retail and professional platforms to allow its customers to claim crypto trades on their taxes.

Ernst & Young also launched an accounting and taxation tool to facilitate accounting and tax calculations for cryptocurrency transactions for both retail and institutional investors.