PANews reported on November 19th that, according to PYMNTS, Block, founded by Jack Dorsey, launched the "Bitcoin is Everyday Money" initiative, calling for US legislation to establish a tax-free threshold for Bitcoin payments under $600, simplifying the tax burden on everyday small transactions. Current tax law treats Bitcoin payments as asset sales, requiring capital gains tax reporting. Block also launched a merchant product on its Square platform that supports zero-fee Bitcoin payments, aiming to build a seamless, low-cost payment system.PANews reported on November 19th that, according to PYMNTS, Block, founded by Jack Dorsey, launched the "Bitcoin is Everyday Money" initiative, calling for US legislation to establish a tax-free threshold for Bitcoin payments under $600, simplifying the tax burden on everyday small transactions. Current tax law treats Bitcoin payments as asset sales, requiring capital gains tax reporting. Block also launched a merchant product on its Square platform that supports zero-fee Bitcoin payments, aiming to build a seamless, low-cost payment system.
Block is calling for a $600 tax-free allowance for Bitcoin payments to encourage everyday use.
PANews reported on November 19th that, according to PYMNTS, Block, founded by Jack Dorsey, launched the "Bitcoin is Everyday Money" initiative, calling for US legislation to establish a tax-free threshold for Bitcoin payments under $600, simplifying the tax burden on everyday small transactions. Current tax law treats Bitcoin payments as asset sales, requiring capital gains tax reporting. Block also launched a merchant product on its Square platform that supports zero-fee Bitcoin payments, aiming to build a seamless, low-cost payment system.
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