Well that's interesting. So does accepting Bitcoin as payment tax you twice, as in you receive Bitcoin and sell Bitcoin or does converting automatically protect you from getting taxed twice?
The BTC transaction is tracked by square as income in US dollars and will be reported to IRS on end of year tax statement for income tax payment. But there is no conversion to fiat in the transaction so no tax there since the payment goes directly into my wallet as Bitcoin. If it grows I’d need to pay tax on the increase as normal income if I sell it in the year I got it, or cap gains if held longer than a year which is what I plan to do 🤞