Coinbase And PayPal Join Taxbit To Bring Free Crypto Tax Forms

Coinbase and Paypal join Taxbit to bring free crypto tax forms while Taxbit wants to prevent crypto users from spending thousands to generate these tax forms so let’s find out more in our latest Coinbase news.

Crypto tax compliance company Taxbit is working to unite the major industry companies like Coinbase and Paypal as well as Binance.US in one network to enable the free 2021 tax form for the users. The crypto tax software provider launched the TaxBit Network as a certified network aiming to democratize the tax calculations and tax forms by providing the tax reporting data to all of the network users for free. The Taxbit network at the launch included 20 major crypto companies in the US including companies like Coinbase and PayPal, Gemini, FTX.US, Celsius Network, Blockchain.com, Venmo, OKCoin, BlockFi, and Paxos. The network will be adding new companies every day according to the VP of marketing Michelle O’Connor.

As part of the initiative, each user of a certified TaxBit network company will be able to receive accurate 2021 tax forms and a number of participants platforms will incorporate the quick TaxBit sign-up in their apps to simplify access to the tax reporting tools. TaxBit noted:

“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.”

The new development hopes to eliminate barriers to mainstream crypto adoption by making sure that the crypto users in the US will stay tax compliant without spending a lot of money. The announcement noted:

“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.”

O’Connor stated:

“Our portfolio performance and tax optimization solutions empower year around decisioning versus that tax season-only mentality. With market volatility so prevalent, we provide the retail consumer with tax compliant solutions to optimize their holdings through tax-loss harvesting.”

Binance.US CEO Brian Shroder also pointed out that participation in the network is a very important step in their commitment to safety and compliance especially after president Joe Biden signed the infrastructure bill into law back in November. TaxBit is a crypto-focused compliance company that brings together tax attorneys and software developers to build software and simplify and automate the process of tax reporting. Backed by the Winklevoss Twins company, TaxBit saw notable growth securing $130 million raised at $1.3 billion in 2021.

Source: https://www.dcforecasts.com/coinbase-news/coinbase-and-paypal-join-taxbit-to-bring-free-crypto-tax-forms/