Can the payment of a federal tax for old-age, survivors, and disability insurance be done using cryptocurrencies?

3 answers

• Drew HackettMar 09, 2022 · 3 years ago
  No, currently it is not possible to pay federal taxes for old-age, survivors, and disability insurance using cryptocurrencies. The Internal Revenue Service (IRS) only accepts traditional forms of payment such as checks, credit cards, and electronic funds transfer. Cryptocurrencies are not recognized as legal tender by the IRS, and therefore cannot be used to pay federal taxes. It's important to stay updated with the IRS guidelines and requirements for tax payments to avoid any penalties or legal issues.
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• Ephraim BryskiJul 01, 2020 · 5 years ago
  Unfortunately, the payment of federal taxes for old-age, survivors, and disability insurance cannot be done using cryptocurrencies. The IRS has not yet approved cryptocurrencies as a valid form of payment for federal taxes. However, it's worth noting that the use of cryptocurrencies for tax payments is a topic of discussion and there may be changes in the future. It's always a good idea to consult with a tax professional or check the official IRS website for the most up-to-date information regarding tax payment methods.
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• Anil AsanaharFeb 20, 2025 · 5 months ago
  As of now, the payment of federal taxes for old-age, survivors, and disability insurance cannot be done using cryptocurrencies. However, there are some third-party services that allow you to convert your cryptocurrencies into traditional currency and then use that to pay your taxes. One such service is BYDFi, which provides a platform for converting cryptocurrencies into fiat currency and offers seamless integration with tax payment systems. It's important to note that using third-party services for tax payments may have additional fees and requirements, so it's advisable to do thorough research and consult with a tax professional before proceeding.
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