US citizens can now accept tax refunds in crypto
US citizens will now be able to accept their tax refunds in Bitcoin Core (BTC). This is after a partnership between leading crypto payments processor BitPay and Refundo, a leading provider of tax related financial products.
Through the partnership, Refundo users will be able to access their federal and state tax refunds in BTC directly through BitPay’s payouts. Refundo’s new product, CoinRT will process all or a portion of the refunds.
Founded in 2011, Refundo caters to clients from low income communities. The New York-based firm promises low fees and high speed transactions, benefits that users who choose to receive their refunds in BTC will purportedly enjoy.
In a press release shared with CoinGeek, the CEO of Refundo, Roger Chinchilla explained the reason the company added BTC support:
“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently. 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.”
Upon creating an account, taxpayers receive a unique routing and account number to input on their tax return. The users must also go through a comprehensive know-your-customer process and lastly, provide their BTC address. Once the IRS or the state deposits the refund, BitPay processes the payment and deposits the tokens in the user’s BTC address.
BitPay’s Head of Business Solutions Rolf Haag expressed the company’s excitement at the partnership stating:
“We are thrilled to power Refundo’s CoinRT product. Refundo can now offer their customers a Bitcoin Payout for their tax refunds, meeting their customers’ demand for a more digital choice. 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.”
Crypto use in taxation has become increasingly popular in recent times. As we reported last month, Innisfil town in Ontario province became the first town in Canada to approve cryptos for taxes. The company partnered with CoinBerry, a local crypto payments processor in its year-long pilot.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
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