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#bitcoin

Hi,

I want to pay employees in btc.. im thinking through the logistics.. One thing i thought of, if i pay my employee $500 worth of btc, i simply issue them a paystub reflecting the $500 was paid to them, and that will flow through to my payroll software generating accurate w2 for IRS reporting. but i pay them the btc out of band of my payroll software and manually enter into quickbooks ( not the end of the world )...but i think there isnt any reason my employee receiving the btc would have a papertrail with the IRS for receiving the btc...which is nice. just the papertrail reflecting taxable wages earned ( unless like a wire level investigation was done to determine my employee received $500 in btc and didnt report selling it or owning it on their tax return).

Anyone ever done this with a US company and wanna gimme tips or resources? or is currently doing it? is this just not a good idea for a US business operating in the compliant economy?much appreciated 🤙

https://stacker.news/items/452135/r/justBrian

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Discussion

Jor 1y ago

Interesting thoughts here.

I would worry that if you’re claiming an expense you will have to do all the payroll remittances.

Don’t you have to remit your payroll forms?

I feel like it’s doable but the risk of audit would be high.

And something I’m curious about is - do your employees want to be paid in bitcoin? Exciting if yes.

deleted 1y ago

im at the complete start of this thought experiment. i would still plan to report the wages paid, but then i guess there would be a sell of my companys btc treasury instead of a withdrawal from my fiat business acct

. 1y ago

I have come to the conclusion that educating and offering resources is better avenue for my employees. That way you are not responsible for their financial choices and you don't get into any bullshit.

deleted 1y ago

thats a very,reasonable conclusion and may be where i end up.

. 1y ago

I helped a staff member learn how to send cheap remittances for example and that was effectively a raise for them.

5c077d22... 1y ago

The value prop of Bitcoin is permissionless which is incompatible with white markets by definition.

If one is going to make transactions that follow the rules, there is little reason to have or use Bitcoin. In fact, it might even end up worse than just using fiat.

deleted 1y ago

this is where my conclusion is landing, thanks.. best to just give em the fiat and let em buy btc if they want on their own.