Cryptocurrency tax automation software program firm TaxBit, has simply unveiled they pulled off a seed spherical of $5 million, with a number of the industries’ largest names taking part. Traders embrace Fintech enterprise agency, TTV Capital, Dragonfly Capital Companions, Collaborative Fund, Winklevoss Capital, Valar Ventures, International Founders Capital, Desk Administration, Album VC, who beforehand led TaxBit’s pre-seed spherical, and extra. 

Austin Woodward, CEO and Founding father of TaxBit (in addition to CPA) acknowledged:

“In such a extremely regulated area with so many complexities, TaxBit is required to take away the burden of correct cryptocurrency tax reporting from the shoulders of crypto customers, exchanges, and retailers.”

“TaxBit’s software program and tax consultants will precisely deal with the entire back-end complexities whereas offering customers with an intuitive, user-friendly expertise on the front-end.”

Winklevoss Capital Accomplice, Sterling Witzke, added:

“Navigating cryptocurrency tax legal guidelines is a byzantine course of. TaxBit’s expertise eliminates this confusion and complexity by permitting crypto homeowners to seamlessly perceive the complete image of their tax legal responsibility by means of an intuitive and easy-to-use platform. Fixing for this ache level is integral to accelerating cryptocurrency adoption, and we’re thrilled to again TaxBit on this mission.”

The IRS has been vocal as to correctly reporting cryptocurrency taxes. This previous summer time, the IRS despatched out tens of hundreds of audit notices to US cryptocurrency merchants, adopted by releasing new cryptocurrency tax steerage within the fall. To high all of it off, the IRS included a brand new query on its 2019 tax return type which requires all US taxpayers to attest whether or not they acquired, bought, or exchanged cryptocurrency at any level through the taxable yr.

 

TaxBit, based by CPAs, tax attorneys, and software program builders, has a mission to allow widespread cryptocurrency adoption by automating the regulatory hurdle of tax compliance. 

Salt Lake Metropolis-based TaxBit launched its client product in January 2019 and has since helped hundreds of cryptocurrency customers automate their taxes. The corporate’s client product is also known as the “TurboTax of crypto”, as customers can simply use TaxBit’s do-it-yourself platform to supply all of their required crypto tax kinds in minutes.

In 2019, TaxBit additionally launched its enterprise tax heart suite that’s now being deployed by cryptocurrency exchanges and retailers. Much like the tax facilities offered by fairness buying and selling platforms, TaxBit’s tax heart suite facilitates tax compliance for enterprises and their customers by means of a technology-driven platform.

TaxBit plans to make use of the funds raised to additional improve its merchandise and speed up buyer development, each in the USA and internationally in areas together with Canada, UK, and Australia.

“For cryptocurrency to proliferate additional, an ecosystem of compliance instruments have to be created,” says Sean Banks, Accomplice at TTV Capital. “We’re very impressed with the TaxBit staff and the platform they’re constructing. This expertise  is key to the adoption of cryptocurrency, because it permits the business to progress whereas being compliant with tax laws worldwide.”

Submitting taxes is an intimidating course of, as is. With the IRS’ new pointers and necessities relating to cryptocurrency, it has change into much more tough. TaxBit strives to minimize the stress and simplify the method for retailers, people, and exchanges, alike. With a powerful and certified inside staff, TaxBit is ready to present accounting software program with immutable and safe tax knowledge, at a time when it’s most crucial.

TaxBit was based by CPAs, tax attorneys, and software program builders in an effort to allow widespread cryptocurrency adoption by automating the regulatory hurdle of tax compliance. TaxBit’s software program is utilized by hundreds of on a regular basis crypto customers, along with crypto exchanges and retailers with reference to their 1099 and enterprise reporting necessities. TaxBit is positioned in Salt Lake Metropolis, UT. To be taught extra go to: www.taxbit.com

About Richard Kastelein

Founder and writer of business publication Blockchain Information (EST 2015), a companion at ICO providers collective Token.Company ($750m+ and 90+ ICOs and STOs), director of training firm Blockchain Companions (Oracle Accomplice) – Vancouver native Richard Kastelein is an award-winning writer, innovation government and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain expertise and startups at Blockchain Information and has additionally revealed pioneering articles on ICOs in Harvard Enterprise Evaluate and Venturebeat. Irish Tech Information put him within the high 10 Token Architects in Europe.

Kastelein has an Advert Honorem – Honorary Ph.D. and is Chair Professor of Blockchain at China’s first Blockchain College in Nanchang on the Jiangxi Forward Institute of Software program and Know-how. In 2018 he was invited to and attended College of Oxford’s Saïd Enterprise College for Enterprise Automation 4.zero programme.  Over a half a decade expertise judging and rewarding some 1000+ innovation tasks as an EU skilled for the European Fee’s SME Instrument programme as a startup assessor and as a startup choose for the UK authorities’s Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain expertise in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He’s a Canadian (Dutch/Irish/English/Métis) whose writing profession has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He is written sometimes for Harvard Enterprise Evaluate, Wired, Venturebeat, The Guardian and Virgin.com, and his work and concepts have been translated into Dutch, Greek, Polish, German and French. A journalist by commerce, an entrepreneur and adventurer at coronary heart, Kastelein’s skilled profession has ranged from political publishing to TV expertise, boatbuilding to judging startups, skippering yachts to advertising and marketing and extra as he is travelled for practically 30 years as a Canadian expatriate residing around the globe. In his 20s, he sailed around the globe on small yachts and wrote a collection of journey articles referred to as, ‘The Hitchhiker’s Information to the Seas’ travelling by hitching rides on yachts (1989) in main journey and yachting publications. He at the moment lives in Groningen, Netherlands the place he is elevating three teenage daughters along with his spouse and crusing companion, Wieke Beenen.

Go to Web site

  • Blockchain Bandwagon Firm Longfin CEO Settles with US SEC for $400,000 – January 7, 2020
  • Winklevoss Brothers Spend money on $5 million Seed Spherical for TaxBit – January 7, 2020
  • Securrency Secures $17.65 million in Collection A funding spherical Led by WisdomTree – January 7, 2020
  • Measure Protocol Backed with £2m in New Funding for Blockchain-Powered Particular person-Based mostly Information Market – January 7, 2020
  • The Subsequent Wave of Crypto – Traction is Key – And Cellular Mining is Gaining Large Adoption – January 2, 2020
  • Google Reverses Metamask Ban from Playstore – January 1, 2020
  • Bankex Launches Token Change Engine in Telegram – December 31, 2019
  • Josh Lawler: Distributed Information — The Lacking Hyperlink to Fixing “Faux Information” – December 31, 2019
  • 2gether Provides WAVES to it’s Roster of Cryptocurrencies Built-in to the 2gether Pay as you go Visa Card – December 18, 2019
  • 2nd Open Name for EU-Funding As much as Fairness-Free €200Ok Funding for 16 Fortunate Blockchain Startups to Construct MVPs – December 16, 2019
  • Semiconductor Big AMD Cuts Advertising Cope with Blockchain Video games Distribution Platform Extremely to Push Subsequent-generation Blockchain-powered Gaming – December 13, 2019
  • Busted: 4 Males in $722 Million Cryptocurrency Fraud Scheme – December 12, 2019
  • Busted: SEC Nais Eran Eyal, Founding father of UnitedData With Fraudulent ICO – December 12, 2019
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  • DCEP – China May Be Launching Nationwide Digital Forex Pilot Inside Weeks – December 11, 2019
  • Enterprise Ethereum Alliance and Chamber of Digital Commerce Launch Strategic Partnership to Advance the Token-Enabled Financial system – December 11, 2019
  • Startupbootcamp raises 2.Three Million Euro in Tokenized IPO on Nxchange-Fueled Platform – December 11, 2019
  • Smartlands to Digitise Personal Fairness; Unveils Plans For Safety Token Providing within the US – December 9, 2019
  • ELEV8CON provides BBVA, Bumble Bee Meals, State Avenue, Ticketmaster to Lineup for Enterprise Blockchain and Digital Asset Convention – December 9, 2019
  • Juventus Turn out to be The First Soccer Membership In The World To Be Tokenized – December 3, 2019

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