Top US crypto firms join the TaxBit network to offer users free tax forms

Top US crypto firms join the TaxBit network to offer users free tax forms
фото показано с : invezz.com

2022-1-12 23:20

TaxBit, a crypto tax compliance firm, launched the TaxBit Network today with hopes that it will help democratize crypto tax calculations and tax forms by offering necessary reporting data. A report unveiled this news noting that the company seeks to unite leading crypto companies and offer their users free 2021 tax forms.

According to the report, the TaxBit Network had approximately 20 renowned crypto businesses in the US. These include, but are not limited to, PayPal, Binance.US, Coinbase, FTX.US, Gemini, Celsius Network, Blockchain.com, Venmo, Paxos, OkCoin, and BlockFi. Reportedly, the network plans to onboard new companies daily.

Apart from offering users of certified members of the TaxBit Network free, accurate 2021 tax forms, TaxBit also intends to incorporate a feature that lets users on select platforms sign-up to its platform. In so doing, TaxBit will offer users quick access to its tax reporting tools, simplifying the overall experience.

Explaining the benefits of dealing with crypto under companies that are part of the TaxBit Network, the firm said,

If a user has taxable transactions on platforms not part of the TaxBit Network, a cost will apply to retrieve tax forms from out-of-network platforms.

Eliminating barriers to mainstream crypto adoption

Through its network, TaxBit seeks to foster mass crypto adoption in the US by helping crypto adopters stay compliant without spending too much on taxes. According to TaxBit, the process of generating crypto tax forms saw users spend anywhere between hundreds and thousands of dollars, depending on whether they leveraged do-it-yourself software or secured the services of an accountant.

Michelle O’Connor, TaxBit’s vice president of marketing, touted the company’s tax reporting tools, saying,

Our portfolio performance and tax optimization solutions empower year around decisioning versus that tax season-only mentality. With market volatility so prevalent, we provide the retail consumer with tax compliant solutions to optimize their holdings through tax-loss harvesting.

Brian Shroder, the CEO of Binance.US, said the exchange decided to participate in the TaxBit Network because of its commitment to safety and compliance. He admitted that the decision was also influenced by President Joe Biden signing the infrastructure bill into law in November last year.

This news comes after TaxBit secured $130.00 million (£97.47 million) at a $1.30 billion (£0.95 billion) valuation in its Series B funding round in August last year. The IVP and Insight Partners-led funding round featured multiple investors, including Anthony Pompliano, Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, and Madrona Venture Group.

The post Top US crypto firms join the TaxBit network to offer users free tax forms appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

tax crypto taxbit forms users offer free

tax crypto → Результатов: 126


Indonesia’s Crypto Evolution: Government Eyes Changes In Taxation Landscape

Indonesia’s crypto market faces a period of change and reassessment, as evidenced by falling tax revenue and planned regulatory shifts. While Bitcoin surged in value throughout 2023, the country’s crypto tax revenue plummeted by over 60% compared to the previous year, raising concerns about the effectiveness of the current tax regime. Related Reading: Former FTX, […]

2024-3-3 14:23


Best Crypto Tax Software in Canada – Crypto Tax Tools For Canadians

Best Crypto Tax Software Calculators in Canada There are several options for crypto tax software in Canada, each with its own features and benefits, making it difficult to select the ideal one. After careful consideration, we have narrowed the field down to the four best choices: Koinly Koinly is regarded as a top crypto tax […] The post Best Crypto Tax Software in Canada – Crypto Tax Tools For Canadians appeared first on CaptainAltcoin.

2022-10-5 14:28


Фото:

Coinbase teams up with Turbo Tax to offer tax refunds in BTC

Leading American crypto exchange Coinbase has inked a deal with Turbo Tax to enable crypto adopters to get tax refunds in Bitcoin (BTC/USD) and over 100 other cryptocurrencies. A report unveiled this news on February 3, noting that this initiative seeks to lighten the load for crypto holders as the Internal Revenue Service (IRS) becomes […] The post Coinbase teams up with Turbo Tax to offer tax refunds in BTC appeared first on Invezz.

2022-2-6 23:23


Economist Who Said The Internet Would Fail Says Crypto Is For Tax Cheats And Criminals

Paul Krugman, who counts winning the 2008 Nobel Prize in Economics among his accolades, slams the crypto industry, saying its only use is for “tax evasion and illegal transactions.” The comments came in reference to a Bloomberg article about the infrastructure bill, which has drawn mounting criticism for various reasons. Including the main gripe for […]

2021-8-28 03:01


South Korea Proposing Revision of Tax Code to Allow the Confiscation of Crypto Assets of Tax Dodgers

South Korea is now considering tightening its crackdown on tax evasion by cryptocurrency investors and high-income earners, said the finance ministry on Monday. The government is proposing to revise tax codes that will allow tax authorities to seize tax dodgers’ crypto assets even if they are held in digital wallets, starting next year.

2021-7-26 17:27


Фото:

Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains

Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers to report profits and losses from their cryptocurrency transactions. Tax Office […]

2021-5-29 14:36