TaxBit, a cryptocurrency tax compliance service, is seeking to bring big industry players such as Coinbase and Binance.US under an umbrella to make it possible for a free 2021 tax form for its users.
It introduced the TaxBit Network on Tuesday, a certified network that aims to simplify crypto tax computations and paperwork by offering free access to relevant tax reporting data to users. PayPal, OkCoin, Coinbase, Binance.US, FTX.US, Gemini, Blockchain.com, Celsius Network, Venmo, Paxos, and BlockFi were among the 20 prominent crypto-related enterprises in the TaxBit Network on the launching.
Taxbit Network’s vice president of marketing Michelle O’Connor informed that they would be constantly adding corporations into TaxBit on a daily basis. He informed that users will be benefitted by receiving free and accurate 2021 tax forms in addition to a streamline tax reporting tools as part of initiative. It will also eliminate blockades in crypto acceptance by safeguarding crypto users by enabling them to stay tax compliant without spending a huge amount.
He further mentioned that their portfolio performance and tax optimization solutions empower year around decisioning against tax season-only mentality and will enable for tax optimization through tax-loss harvesting to individuals.
According to Binance.US CEO Brian Shroder, becoming a part of the Taxbit network is a decisive step in the direction of safety and compliance, especially after USA’s Infrastructure Law in November 2021.
TaxBit, backed by the Winklevoss twins’ family office, is a crypto tax compliance firm making crypto tax filing easier and automatic. In August 2021, it raised USD 130 million at a valuation of USD 1.3 billion.
