Coinbase And PayPal Have Joined The TaxBit Network To Provide Free Cryptocurrency Tax Form.s.

Coinbase And PayPal Have Joined The TaxBit Network To Provide Free Cryptocurrency Tax Form.s.

2022-01-12 | Selina Mathew

Coinbase And PayPal Have Joined The TaxBit Network To Provide Free Cryptocurrency Tax Form.s.

TaxBit, a cryptocurrency tax compliance business, is seeking to bring together significant sector players including Coinbase as well as Binance.US into a single network to provide customers with free 2021 tax forms.

On Tuesday, the cryptocurrency tax software vendor announced the TaxBit Network, a licensed network aimed at democratizing crypto tax computations as well as tax forms by offering all network members free tax filing data.

At the time of its introduction, the TaxBit Network comprises around 20 prominent crypto-related organizations in the United States, notably PayPal, Binance.US, Coinbase, FTX.US, Gemini, Celsius Network, Blockchain.com,

Venmo, Paxos, OkCoin, and BlockFi. TaxBit's VP of marketing Michelle O'Connor informed Cointelegraph that the network would be introducing additional organizations on a regular basis.

All users of a verified TaxBit network firm will be entitled to get free and correct 2021 tax forms as a component of the project. A handful of collaborating sites will also include a simple TaxBit sign-up within their applications to facilitate exposure to tax filing tools.

The new initiative intends to remove hurdles to widespread cryptocurrency acceptance by assuring that cryptocurrency owners in the United States may remain in tax compliance without paying a fortune. "Traditionally, the procedure of preparing bitcoin tax forms cost users anything from hundreds to thousands of dollars per year, based upon if they employed do-it-yourself software or recruited the services of an accountant," according to the release.

The firm's involvement in the TaxBit Network, according to Binance.US CEO Brian Shroder, is a critical milestone in their emphasis on security and accountability, especially since President Joe Biden approved the infrastructural bill into law in November.

TaxBit is a significant cryptocurrency-focused tax compliance business that combines tax attorneys as well as software engineers to create software that simplifies and automates the cryptocurrency tax reporting system. TaxBit, which is supported by the Winklevoss twins' family firm, has lately witnessed significant growth, obtaining a $130 million financing at a $1.3 billion value in August 2021.

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