11–20 of 36 posts
I found the title of this post to be misleading or at least stressing its point. The article says "Some Internet Archive employees have elected to receive some of their pay in Bitcoin in April." so it's not all employees, not all of their pay and not all of the time, as I expected from the headline.
Giving employees the option to take pay in bitcoins is a completely different issue to mandating it, as the title seems to imply.
Yay no taxes, the end of civilization.
Interesting to know how the tax on these bitcoins would work. Would this count as a taxable perk? If so, would that count as the government counting their existence and value?
Interesting to know how the tax on these bitcoins would work. Would this count as a taxable perk? If so, would that count as the government counting their existence and value?
Interesting to know how the tax on these bitcoins would work. Would this count as a taxable perk? If so, would that count as the government counting their existence and value?
I can't talk for the IA, but in the UK the situation is absolutely yes, they would be taxed. Any payment of any kind, or any benefit in kind, is taxable (and the tax paid in cash, not bitcoins!), apart from a few specified exemptions.
Yay no taxes, the end of civilization.
Slightly OT: Why would you ever put a QR code on a web page instead of a link? If I'm on my computer, I'm not going to pull out my phone to scan it. If I'm on my phone, how would I even scan it?
In general, I completely agree (though I have never seen it happen before). This is not a link, however, but a bitcoin address encoded as a QR code. I - as do many others - have a Bitcoin wallet application with some change on my phone. Having the QR code here makes it easier to contribute something.
Yay no taxes, the end of civilization.
Earlier quoted context omitted.
I can't talk for the IA, but in the UK the situation is absolutely yes, they would be taxed. Any payment of any kind, or any benefit in kind, is taxable (and the tax paid in cash, not bitcoins!), apart from a few specified exemptions.
they would be taxable, how they would be taxed though is an entirely differnt question. Would they be considered the same as being paid you usual wages and therefore taxed as income? Or taxed like gold, i.e.not taxed until you sell? or perhaps like a stock, a capital gains tax is charged so you pay for any gain they have made since you reeived them? Willing to bet that HMRC has not even considerd it yet.
Earlier quoted context omitted.
I can't talk for the IA, but in the UK the situation is absolutely yes, they would be taxed. Any payment of any kind, or any benefit in kind, is taxable (and the tax paid in cash, not bitcoins!), apart from a few specified exemptions.
they would be taxable, how they would be taxed though is an entirely differnt question. Would they be considered the same as being paid you usual wages and therefore taxed as income? Or taxed like gold, i.e.not taxed until you sell? or perhaps like a stock, a capital gains tax is charged so you pay for any gain they have made since you reeived them? Willing to bet that HMRC has not even considerd it yet.