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US taxpayers now have the opportunity to receive their federal and state bitcoin refunds.
Blockchain's payment processor, Bitpay, announced the news on Tuesday, saying the company had partnered with the US-based tax service provider, Refundo, for the service.
Refund customers may choose to receive all or part of a Bitcoin tax refund using its CoinRT product. Taxpayers will need to create an account to get a unique routing number and account number to enter in their tax return, according to the announcement.
They will also need to provide the basic information needed for the Customer Knowledge Rules (KYC), as well as a Bitcoin wallet address. Once the refund has been made by the Internal Revenue Service (IRS) or by the state, BitPay will process the payment and send the bitcoin to the taxpayer's wallet.
The service is supposed to focus primarily on serving the underfunded community with faster payments and lower transaction fees
Roger Chinchilla, CEO of Refundo, commented:
"The addition of 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 to the bank." # 39; abroad. CoinRT allows them to quickly and easily get bitcoins for a single amount. "
The Refundo website indicates that the CoinRT service costs $ 34.95 per payment, while BitPay normally charges 1% of its service. CoinDesk asked for details on the overall fees in this case and will update this article if and when the information is available.
Founded in 2011, Bitpay has handled more than $ 1 billion value of last year's transactions. The company has already established a partnership with a Florida County Tax Collector and State of Ohio to help them accept taxes in the cryptocurrency.
More recently, Bitpay has also in partnership with a Canadian municipality to accept bitcoin for property tax payments during a one year trial.
Tax Form and Refund Image via Shutterstock
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