Topic: Bitcoin Boulevard US Launches Today - Update On The Ohio Alcohol Situation - Thx (Read 656 times)

No different than any other transaction, tallied at the register in USD just as any other sale. It's just that the customer scans with htier bitcoin wallet instead of handing you cash or a credit card. Think of it like a foreign customer paying with a credit card from a different country. From the merchant's perspective, this is all transparent especially if they are using something like BitPay to convert all sales to 100% USD at time of sale.

If a merchant decides to keep the bitcoins instead of convert to USD, they have to pay taxes on the USD value at time of sale. Then, they have to pay short/long capital gains/losses on the BTC investment when they chose to cash out, exchange, or otherwise spend down those bitcoins in the future. BitPay offers year-end reports for cost basis, 1099-K forms, Quickbooks imports, everything you would need come tax time.

http://blog.bitpay.com/2014/03/26/bitcoin-tax-confusion-bitpay-merchants-not-affected.html

 How do you pay sales taxes?   

 -bm

Thank you, we are hoping to provide a new attraction for Cleveland Heights, and Cleveland in general. Our entire city is in re-branding mode.

I call it a production of CoinNEO. My business entity is CoinNEO, and Bitcoin Boulevard US is a project I led through this entity. I have various other projects I am working on too through CoinNEO. Lots more news to come from Cleveland.

Great project  -  I have said my piece on the dumb alcohol situation elsewhere.

I think this is such a good project. It makes me interested in visiting a place I would not otherwise consider. The ban on alcohol is ridiculous however. 

So bitcoinboulevard is a client of coinneo ?

(Also on r/Bitcoin: http://www.reddit.com/r/Bitcoin/comments/24gx89/bitcoin_boulevard_us_launches_today_update_on_the/)

Just a reminder that Bitcoin Boulevard US launches today in Cleveland Heights, Ohio.

Many business are already open for the day, accepting Bitcoin starting today. In fact, I had a delicious egg/cheese/bacon sandwich and coffee this morning from The Katz Club on my way to work, paid for in Bitcoin. https://twitter.com/CoinNEO/status/461854058928566272

We are still waiting on word from Ohio about this alcohol situation, and for now alcohol will not be sold for Bitcoin. Katz Club will sell food and N/A drinks, but not alcohol. The Wine Spot, the flagship store for this project and the location for our kickoff event at 6:00pm this evening, is halting Bitcoin payments for the time being.

We are waiting minute by minute for word from the State, and we will make decisions about this as the remaining businesses open for the day.

At any rate, we think this issue energizes a debate that is precisely within the spirit of the Bitcoin Boulevard concept. We are challenging people to think about Bitcoin and become aware about its tools, methodologies, and relationships with banking and politics. This includes regulatory agencies, and is a required part of the Bitcoin adoption process, especially for small businesses whose entire livelihoods are at stake with these types of issues. All we can go on is the information we have at hand, being that Ohio is re-considering their position after exhaustive explanation this week from myself, which was reviewed by and augmented with information by BitPay. Thank you to all the help from Reddit, your suggestions have certainly been valuable.

We have not heard a new result yet from Ohio. This is a disappointment, but we think it will create a fascinating topic for our launch presentation.

Thank you to the journalists of the world press, from our local Heights Observer newspaper, to The Plain Dealer, Washington Post, WIRED, NPR, Bitcoin Magazine, CoinDesk, and many many more for covering our ‪Bitcoin‬ Boulevard US initiative with interest and objectivity. One major goal of ours was to provide some positive news for Bitcoin through awareness, education, and real world experiences. We succeeded in this goal far before today's launch event, changing what seems to be everyone's response in our community from "Are you crazy!" to "This is awesome!". We have faced almost none of the adversity we were anticipating. If anything, people are happy, excited, more informed, and supportive of our Bitcoin initiative and perhaps even more informed about various roles of digital currency. The merchants are absolutely elated by the brand awareness, and I thank them for joining me on this journey. Now we look forward to the responses as the rubber meets the road.

If you find yourself in Cleveland, or traveling through on I90 or i80, consider a stop for some refreshments and retail shopping! Let the merchants know you came because of Bitcoin, even if you plan on spending cash or credit card. Reach out and I would be happy to try and meet you.

-Nikhil

www.bitcoinboulevard.us
https://www.facebook.com/coinneo
https://www.facebook.com/pages/Bitcoin-Boulevard-US/1406240282972163