2021 tax forms for the world’s leading crypto companies are now free through the TaxBit network

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2021 tax forms for the world’s leading crypto companies are now free through the TaxBit network

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Historically, the process of generating cryptocurrency tax forms has cost individuals hundreds to thousands of dollars a year, depending on whether they used do-it-yourself software or hired an accountant. The TaxBit network removes this barrier to digital asset adoption, with every user of a supported TaxBit network business receiving free and accurate 2021 tax forms.

“In the past years, cryptocurrency taxes were an expensive and cumbersome process. FTX US is happy to play a role in the change by providing free tax forms to our users through the TaxBit network. Removing the cost associated with the cryptocurrency tax is a big step. to move the industry forward, ”said Brett Harrison, president of FTX US.

Along with the launch of the TaxBit network, many participating platforms will integrate a free one-click TaxBit registration into their native apps to further simplify access to 2021 tax forms and year-round access to TaxBit’s industry-leading software.

“With the recent passage of the cryptocurrency tax provision in the Infrastructure Bill, proactively providing our users with the tax returns and forms they need is an important step in our engagement in Security and Compliance Binance.US is pleased to make the tax reporting process simple and free for our users through the TaxBit network, ”said Brian Shroder, CEO of Binance.US.

“Gemini is excited to work with TaxBit to make the tax filing process easier for all of our US clients. Compliance is a key pillar at Gemini and proactively providing our investors with access to tax reporting tools helps our clients stay on top of their cryptocurrency tax obligations. as regulations continue to evolve, ”said Tyler Winklevoss, CEO of Gemini.

The TaxBit network offers users the ability to easily integrate their cryptocurrency, DeFi, and NFT exchange data from over 500 sources, view their tax calculations line by line and aggregate tax positions, and download IRS 8949 forms and completed income reports. ready to download to popular tax filing software or give to an accountant, all free for users of supported TaxBit network companies. TaxBit’s team of leading CPAs and tax lawyers have certified the accuracy of tax calculations related to the platforms of the TaxBit network, including reconciliation of tax forms with all 1099 forms issued by those platforms. .

Supported TaxBit network companies even include the world’s largest decentralized exchange (“DEX”), Uniswap, which paves the way for transparent tax reporting for DEX users. “While the impact of the new tax laws on self-service wallets remains uncertain, there is no doubt that taxes can be complicated and expensive,” said Hayden Adams, CEO of Uniswap Labs. “We are delighted to provide users of the Uniswap app with a simplified option to file their taxes free of charge.”

Nick Shalek, Managing Partner of Ribbit Capital commented, “The adoption of consumer digital assets largely depends on modern technology to resolve regulatory mandates, such as tax and accounting compliance. Ribbit is delighted to announce our investment in TaxBit. We believe that TaxBit’s technology – and powerful ecosystem innovations such as the TaxBit network – present a unique opportunity to save customers time and money while creating a next-generation registration system that can unlock business results. ‘other use cases for digital assets. “

To start reporting your 2021 cryptocurrency taxes, please visit www.taxbit.com/signup.

* Free tax forms are available for transactions on supported TaxBit network platforms. If a user performs taxable transactions on platforms that are not part of the TaxBit network, a fee will apply to retrieve tax forms from non-network platforms. TaxBit is a third party service; companies included in the TaxBit network are not responsible for the services provided by TaxBit. See taxbit.com/terms for details.

For media inquiries, please contact Michelle O’Connor, 801-332-9105, [email protected].

About TaxBit

Designed by CPAs and tax professionals, TaxBit is the leading tax and accounting solution for the tokenized economy. TaxBit’s platform serves the industry’s leading stock exchanges, institutional investors, governments and individuals. TaxBit has raised more than $ 230 million from the world’s largest investors to enable widespread adoption of digital assets by automating the regulatory hurdles of large-scale tax and accounting compliance. TaxBit is headquartered in Salt Lake City and Seattle. To learn more, visit: www.TaxBit.com, Twitter, LinkedIn.

SOURCE TaxBit

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