Crypto Tax Service TaxBit Partners with Coinbase & PayPal
TaxBit the crypto tax firm announced an initiative to bring together major industry companies such as Coinbase and Binance within one network to provide free 2021 tax forms.
The crypto tax software provider on Tuesday launched the TaxBit Network, a service whose goal will be to make crypto tax calculations and tax forms easily accessible to all network users for free.
The network will launch with over 20 crypto-related businesses in the United States, including firms such as PayPal, Binance.US, Coinbase, FTX.US, Gemini, Celsius Network, Blockchain.com, Venmo, Paxos, OkCoin and BlockFi.
As part of the service, every certified TaxBit network company will be able to receive free and accurate 2021 tax forms. A number of participating platforms will also be advertising the partnership, with a simple TaxBit sign-up tool within their apps.
“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.
This new innovative aims to stop the stifling of crypto adoption by ensuring users within the US are staying tax compliant without having to go through a convoluted process and spend tons of unnecessary 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.
Binance US CEO Brian Shroder explained that the company’s participation in the TaxBit Network is a crucial step in their commitment to safety and compliance, especially after President Joe Biden signed the infrastructure bill in November.
TaxBit is a major crypto-focused tax compliance firm that brings together attorneys and software developers to build software to simplify and automate the process of crypto tax reporting.
With the launch of this branch of the company 2021 taxes for crypto enthusiasts should be as easy as ever.