TaxBit, a crypto tax compliance company, is working to unify major industry companies such as Binance.US and Coinbase.US into one network that will allow users to receive free 2021 tax forms.
On Tuesday, the TaxBit Network was launched by Crypto Tax Software. It is a network that provides tax reporting data for all users of the network and aims to decentralize crypto tax calculations.
At launch, the TaxBit Network includes approximately 20 crypto-related companies in the United States. These include PayPal, Binance.US and Coinbase.US, Gemini.US, Celsius Network, Blockchain.com. Venmo.Paxos. OkCoin, BlockFi. Michelle O’Connor, TaxBit’s vice president of marketing, said that the network will add new companies every day.
Every user of a TaxBit network company will receive accurate and free 2021 tax forms as part of this initiative. To make it easier to access tax reporting tools, many participating platforms will include a TaxBit signup in their apps.
TaxBit stated that if a user makes taxable transactions on platforms other than the TaxBit Network, there will be a charge to retrieve tax forms from outside-of-network platforms.
This new development will remove any barriers to mainstream adoption of crypto by ensuring that users of crypto in the U.S. can stay tax-compliant without spending a lot of money. The announcement states that historically, the cost of creating cryptocurrency tax forms has been high. This is dependent on whether the user used do-it yourself software or hired an accountant.
Our portfolio performance and tax optimization solutions enable year-round decision making, rather than a tax season-only mentality. O’Connor explained that market volatility is so common, and that we offer tax compliant solutions for the retail consumer to optimize their holdings via tax-loss harvesting.
Related: US lawmaker plans to introduce comprehensive crypto bill by 2022
Brian Shroder, Binance.US CEO, pointed out that their participation in TaxBit Network was a critical step in their commitment safety and compliance. This is especially after President Joe Biden signed into law the infrastructure bill in November.
TaxBit, a crypto-focused tax compliance company, brings together tax lawyers and software developers to create software that automates and simplifies the process of crypto tax reporting. TaxBit, which is backed by the Winklevoss twins and their family office, has experienced notable growth, with a $130m raise in August 2021 at a valuation of $1.3 billion.
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