Bitwage, a cryptocurrency payroll, and HR company, has announced rolling out a new payment tool that helps in making salary payments for W-2 employees in the United States in Bitcoin.
A Successful Trial has been Completed by Paxful
Bitwage has struck a successful partnership with Simply Efficient HR (a Human Resource firm based in Texas). This partnership is currently helping their client businesses in offering salaries to regular payroll employees in terms of Bitcoin and Ether.
This is a significant move for Bitwage because it can now provide its US customer base. This essentially means that the US companies can now take advantage of Bitwage for making employee payments with W-2 salary reporting obligation support.
|W-2 Form is a document used by the US corporations for reporting employees’ salary payments to the Internal Revenue Service (IRS), the tax agency.|
In a recent blog post, Bitwage announced that they are testing the new feature in beta mode from November 2018. Reports say they were testing at Paxful, the P2P cryptocurrency trading platform.
Paxful controller Hayel Abbassi said:
“As a company that earns 100% of revenue in bitcoin, we are always looking for service providers who will accept the digital currency. Paxful has a significantly sized team in the states and we need to pay them as employees on the payroll, not as contractors.”
The company explains that Paxful sends Bitcoin to definite addresses and the employees get checks in net amount after adjusting the proper taxes (both federal and state).
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