Federal tax season just passed in the United States, but if you’re one to leave responsibility to the wayside and had to apply for an extension, that might just pay off.
It’ll give you the opportunity to become one of the inaugural users of a new joint-endeavor by crypto payment processor BitPay and tax services company Refundo. The new program called CoinRT gives Refundo users the opportunity to take their federal and state income tax refunds in bitcoin.
Tax filers using Refundo’s system who opt into the program will include a routing and account number linked to BitPay’s Payouts. Once the refund hits this account, BitPay converts the cash to sats and sends it to whatever wallet address the user provided upon sign-up (this sign-up, as one would expect, includes KYC).
A press release shared with Bitcoin Magazine highlights that the move is in line with Refundo’s wider focus on lower income and poorly banked populations. For this purpose, bitcoin offers a low friction refund option for those who don’t have access to reliable banking, Refundo CEO Roger Chinchilla claims.
“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.”
Head of Business Solutions at BitPay Rolf Haag said that the partnership answers “customers’ demands for more digital options” in the realm of the taxation process. It also signals that the “global marketplace” for payouts in bitcoin is growing.
At any rate, the partnership adds bulk to a growing trend of bitcoin’s burgeoning role in taxation. Canadian town Innisfil made history early this year as the first North American municipality to permit its citizens to pay local taxes in bitcoin. For Canada’s southern neighbor, Ohio opened up a bitcoin payment option to its corporations at the tail end 2018, and, in May of the same year, Seminole County Florida enabled the option for things like property tax.