Starbucks Backs Bakkt. But, Will the IRS Permit Bitcoin Payments for Coffee

Details have been reported this week, that Starbucks has a much larger stake in Bakkt, the Bitcoin (BTC) futures platform, then previously thought. Clearly with Starbucks having such a large equity share, it is reasonable to assume that payments in Bitcoin (BTC) for coffee, will be via the Bakkt platform. Therefore, Starbucks will not directly hold any crypto as the payment, will be subsequently converted immediately into fiat.

However, coinnounce have made an interesting point. Even though this can be done, according to the Internal Revenue Service (IRS) crypto payments need to be reported directly to them in order to calculate the tax, profit or loss on the transaction. This can get very complex very quickly, for both parties, since Starbucks processes hundreds of thousands of transactions daily. Will the IRS let it slip? Let us know what you think.

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