Industry leaders have come together to get free US tax documents for basically every major crypto company arounded.
Free Tax Documents for US Users
Cryptocurrency traders and investors in the United States duly know that completing taxes can be a bewildering task. The difficult task has just become easier as the accounting software TaxBit has announced free tax reports for unlimited transactions across the majority of crypto trading exchanges in the country.
The blog news from TaxBit on January 11 comes just in time as estimated taxes are due on January 15. The TaxBit platform will include all the big names from crypto including Binance US, FTX US, Coinbase, BlockFi, Gemini, and more. Many of the companies will debut with a one-click, free TaxBit sign-up mechanism to make the onboarding process that much easier. A press release from January 11 featured several notable executives explaining their motivations for backing the project.
“With the recent passing of the cryptocurrency tax provision in the Infrastructure bill, proactively providing our users with the tax reporting and forms they need is an important step in our commitment to safety and compliance. Binance.US is excited to make the tax reporting process simple and free to our users through the TaxBit Network,” proclaimed CEO of Binance.US, Brian Shroder.
The rationale from the top-heads at many of the crypto companies shows a proactive effort to make taxes easy and accessible to all in the industry. It is apparent that industry leaders want users to be open and transparent about paying taxes. More importantly, the launch of TaxBit shows how far industry leaders will go to get users to comply.
“While the impact of the new tax laws on self-custodial wallets remains uncertain, there’s no question figuring out taxes can be complicated and expensive,” added Uniswap Labs CEO, Hayden Adams. “We’re excited to provide users of the Uniswap app a simplified option to file taxes at no cost.”
TaxBit will be offering users the chance to easily process and download all relevant tax documents, including IRS Forms 8949 and income reports. Tax Bit integrates with over 500 different Web3 sources including all the major DeFi and NFT platforms.
What is TaxBit?
Designed by CPAs and tax attorneys, TaxBit is the leading tax and accounting solution for the tokenized economy. TaxBit’s platform serves the industry’s top exchanges, institutional investors, governments, and individuals. TaxBit has raised over $230 million from the world’s-top investors in order to enable widespread digital asset adoption by automating the regulatory hurdles of tax and accounting compliance at scale. TaxBit has HQ in Salt Lake City and Seattle.
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Source : bsc.news
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