Tag: taxes

Cryptocurrency Tax Payments In November 2018, Treasurer of Ohio Josh Mandel announced that Ohio businesses may pay their state business taxes with cryptocurrency (Bitcoin only). This is remarkable because Ohio is the first state in the United States to accept cryptocurrency payments. Those eligible to pay taxes in cryptocurrency via the state’s website (OhioCrypto.com) are…

Question: What is the tax rule regarding transportation benefits? If we want to reimburse employees for their monthly transit pass, does that count as employees’ income? Answer: The employer may assist employees in transportation to and from work and exclude the value of such a benefit from the employees’ taxable income. A qualified transportation fringe…

Question: If we are issuing severance pay to an employee, does it have to be taxed? Answer: Severance pay is considered a taxable compensation and should be run through payroll. If there is a desire to avoid tax implications for the employee, the employer may ‘gross up’ the wages to cover the tax deductions from…