Kall in Crain's Cleveland Business Tax Tips: Potential risks and benefits of compensation in cryptocurrency
McDonald Hopkins' David Kall, Cleveland Office Managing Member and Chair of the Tax and Benefits Practice Group, authored the April 24 edition of Crain's Cleveland Business' Tax Tips on "Potential risks and benefits of compensation in cryptocurrency."
In the article, Kall explains, "Federal law does not permit payment of base wages in currencies that have not been issued by a government, and some states require wages to be paid in U.S. currency. If an employee has been paid in cryptocurrency, the employer may not have legally satisfied its obligations to the employee. Employers may be able to pay bonuses in cryptocurrency or pay in cash and then, with the employee's approval, convert the cash payment to cryptocurrency. Either approach would raise compliance questions and add complexity and cost to the payroll process."
You can read the entire piece at CrainsCleveland.com by clicking here.