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
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