Quote from: JupeB on July 24, 2012, 02:35:33 AM

Quote from: Serge on July 22, 2012, 08:20:10 PM

I don't think there will be a problem specifically with mindset if employee given an option to receive "paycheck" in either bitcoins or fiat, or both. They can figure out for themselves what's more beneficial to them.

The problem with payroll may be taxes that employer deducts from "paycheck". Lets say at a time of payroll bitcoins were worth $5/BTC. Employee keeps bitcoins for savings. Then after a while lets say bitcoins are worth $100/BTC and an employee decides to convert his/her saved bitcoins into fiat. He paid taxes when he received payroll when they were $5/BTC, does this employee don't pay any more taxes or does he have to pay additional taxes for the difference of $95 in value? This may potentially be nightmare situation for accounting payroll taxes when dealing with bitcoin payroll payments.

Are there any cases of people receiving payroll in precious metals and how was appreciation/depreciation handled once converted into fiat? If there are then it may be applied to Bitcoins as well.

Couldn't you just convert at the time of payroll? Let's say federal taxes are 15%, and they get paid 100 bitcoin. You could take 15 bitcoin, convert it to dollars at the market rate, and pay federal taxes. I think at that point it's done; if the money appreciates or depreciates after that, it doesn't matter. Any accountants that can shed light on the matter?

Do any of you own businesses? have you offered to pay in BTC? It must start as a grassroots practice. My boss favors BTC and has offered to pay us in BTC.

Zara

Posts

Merits