Coinbase, PayPal join TaxBit Network for free crypto tax forms

Crypto
tax
compliance
firm
TaxBit
is
working
to
unite
major
industry
companies
like
Coinbase
and
Binance.US
within
one
network
to
enable
free
2021
tax
forms
for
users.

The
crypto
tax
software
provider
on
Tuesday
launched
the
TaxBit
Network,
a
certified
network
aiming
to
democratize
crypto
tax
calculations
and
tax
forms
by
providing
necessary
tax
reporting
data
to
all
network
users
for
free.

The
TaxBit
Network
at
launch
includes
about
20
major
crypto-related
businesses
in
the
United
States,
including
firms
like
PayPal,
Binance.US,
Coinbase,
FTX.US,
Gemini,
Celsius
Network,
Blockchain.com,
Venmo,
Paxos,
OkCoin
and
BlockFi.
The
network
will
be
adding
new
companies
daily,
TaxBit’s
vice
president
of
marketing
Michelle
O’Connor
told
Cointelegraph.

As
part
of
the
initiative,
every
user
of
a
certified
TaxBit
network
company
will
be
able
to
receive
free
and
accurate
2021
tax
forms.
Additionally,
a
number
of
participating
platforms
will
be
incorporating
a
quick
TaxBit
sign-up
within
their
apps
to
simplify
access
to
tax
reporting
tools.

“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,”
TaxBit
noted.

The
new
development
aims
to
eliminate
barriers
to
mainstream
crypto
adoption
by
ensuring
that
crypto
users
in
the
U.S.
are
able
to
stay
tax
compliant
without
spending
tons
of
money.
“Historically,
the
process
of
generating
cryptocurrency
tax
forms
cost
individuals
anywhere
from
hundreds
to
thousands
of
dollars
per
year
depending
on
whether
they
used
do-it-yourself
software
or
enlisted
an
accountant,”
the
announcement
notes.

“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,”
O’Connor
stated.



Related:




US
lawmaker
planning
to
introduce
comprehensive
crypto
bill
in
2022

Binance.US
CEO
Brian
Shroder
pointed
out
that
the
company’s
participation
in
the
TaxBit
Network
is
a
crucial
step
in
their
commitment
to
safety
and
compliance,
particularly
after
President

Joe
Biden
signed
the
infrastructure
bill
into
law

in
November.

TaxBit
is
a
major
crypto-focused
tax
compliance
firm
that
brings
together
tax
attorneys
and
software
developers
to
build
software
to
simplify
and
automate
the
process
of
crypto
tax
reporting.

Backed
by
Winklevoss
twins’
family
office
,
TaxBit
has
seen
notable
growth
recently,

securing
a
$130
million
raise

at
a
$1.3
billion
valuation
in
August
2021.

read original article here