Accepting USDC For Payment Tax Implication
Accepting USDC (USD Coin) for payment has different tax implications compared to receiving USD Income Tax: When you receive USDC for goods or services, it's considered taxable income. You'll need to report the fair market value of the USDC at the time you received it on your tax return.Capital Gains Tax: If the value of USDC changes between the time you receive it and when you convert it to USD, you may owe capital gains tax…