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Income Tax In US Debuts Blockchain Usage: Viable Or Hurdle

Income tax in the US has been making headlines in connection with the future technology which is also dubbed as blockchain. Ohio State is now turning out to be blockchain and crypto loving state and embracing this new emerging domain very enthusiastically.  The state has approved the acceptance of virtual currency (Bitcoin) for taxes. This can also be termed as a revolutionary up gradation which is likely to follow many more updates in the near future.

The official announcement came recently which has been received very well by the blockchain community in the United States. Ohio has turned out to be the first state wherein the tax payment is accepted in the form of digital currency. This decision has been termed as a twofold way of handling optional and eases which also facilitates new job opportunities and growth development for blockchain based start-ups.

State treasurer Josh Mandel stated that this is the first step to bring Ohio State on the global map of blockchain industry. He further added that this the invitation for all the blockchain companies to invest in Ohio State and flourish their business. If also affirms the position of blockchain within the sector of income tax in the US, as mentioned by CNBC.

Accounting, Auditing, Regulation And Blockchain

It is anticipated that blockchain technology will lead to the elimination of accounting and auditing related jobs and processes. Since blockchain has a unique feature of immutable record transaction storage there will be less to almost no need of these big two streams in the upcoming years. However, this isn’t just as easy as said, there is not a complete acceptance of blockchain everywhere, it is completely as per the requirements as of now.

According to Smart Brief, the experts believe that blockchain integration will definitely bring in changes with the automation but there will still be a requirement of auditors in judgmental areas. The companies are likely to understand the development of intercompany transactions. For now, everyone is looking forward to seeing the actual execution of the bitcoin payment of income tax in the US.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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