Employers can use internal processes or external providers to pay cryptocurrency to employees
The IRS considers cryptocurrency to be taxable property
Employers can pay employees in cryptocurrency, but they should be aware of logistical and compliance-related concerns before diving in, payroll professionals said June 23.
Cryptocurrencies, or digital assets and virtual currencies that often rely on blockchain technology for heightened anonymity and security, are seen by some investors as volatile, the professionals said during the American Payroll Association’s 2022 Virtual Congress. The value of a currency can fluctuate sharply and frequently.
“Truthfully, all investments experience some measure of volatility, or change over time,” said Daniel Thompson, Jr., CPP, director of payroll operations at Bath and Body Works. “As with any investment or security, knowing how it makes or loses its value is a critical data point in understanding if it’s a risk you’re willing to take.”
Paying in...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...