Salt Lake City — TaxBit, the leading tax and accounting software provider for the tokenized economy, announces the launch of the TaxBit Network—the first-of-its-kind network to provide FREE 2021 cryptocurrency tax forms to all users of supported TaxBit Network companies.
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 TaxBit Network eliminates this barrier to mainstream digital asset adoption with every user of a supported TaxBit Network company receiving free, accurate 2021 tax forms.
“In years past, cryptocurrency taxes have been a costly and cumbersome process. FTX US is glad to play a part in changing this by providing free tax forms to our users through the TaxBit Network. Removing the cost associated with cryptocurrency tax is a big step in progressing the industry forward," says Brett Harrison, President of FTX US.
In tandem with the launch of TaxBit Network, many participating platforms will be incorporating a one-click, free TaxBit sign-up within their native applications to further simplify access to 2021 tax forms and year-round access to TaxBit’s industry-leading software.
“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," says Brian Shroder, CEO of Binance.US.
“Gemini is excited to work with TaxBit to make the tax filing process easier for all our US customers. 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 while regulation continues to evolve," says Tyler Winklevoss, CEO of Gemini.
The TaxBit Network provides users the ability to easily integrate their cryptocurrency exchange, DeFi, and NFT data from over 500+ sources, see their tax calculations line-by-line and aggregate tax positions, and download completed IRS Forms 8949 and Income reports that are ready to upload to popular tax filing software or hand over to an accountant—all for free for users of supported TaxBit Network companies. TaxBit’s team of industry-leading CPAs and tax attorneys have certified the accuracy of tax calculations related to platforms within the TaxBit Network, including reconciling tax forms to all Forms 1099 issued by such platforms.
Supported TaxBit Network companies even include the world’s largest decentralized exchange (“DEX"), Uniswap, who is leading the way in enabling seamless tax reporting for DEX users. “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," says Uniswap Labs CEO, Hayden Adams. “We’re excited to provide users of the Uniswap app a simplified option to file taxes at no cost."
Nick Shalek, general partner at Ribbit Capital commented, “Mainstream digital asset adoption is largely dependent on modern technology to solve regulatory mandates, such as tax and accounting compliance. Ribbit is excited 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 building a next-generation system of record that can unlock further use cases for digital assets."
To get started with filing your 2021 cryptocurrency taxes, please visit www.taxbit.com/signup.
*Free tax forms are available relating to transactions on supported TaxBit Network platforms. 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 is a third-party service; companies included in the TaxBit Network are not liable for the services provided by TaxBit. See taxbit.com/terms for more details.
For media inquiries, please contact Michelle O’Connor, 801-332-9105, michelle@taxbit.com.
About 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. To learn more visit: www.TaxBit.com, Twitter, LinkedIn.