Coinbase and PayPal join the TaxBit Tax Forms Network for Free
TaxBit, a tax software company, has launched a certified TaxBit Network, which aims to provide the required tax reporting to all network users free of charge.
At the time of launch, the TaxBit network includes about 20 large companies related to cryptocurrency such as PayPal, Binance US, Coinbase, FTX US, Gemini, Celsius Network, Blockchain Com, Venmo, Paxos, OkCoin and BlockFi. TaxBit VP of Marketing Michelle O’Connor said the network will add new companies daily.
As part of the initiative, every user of the TaxBit network will be able to receive free and accurate tax forms for 2021. In addition, a number of participating platforms will include quick check-in with TaxBit in their applications to simplify access to tax reporting tools.
“If a user has taxable transactions on platforms that are not part of the TaxBit network, they will be charged for receiving tax forms,” the company noted.
According to TaxBit co-founder and CEO Austin Woodward, cryptocurrency taxes have historically been cumbersome, confusing and often expensive, with annual registration costs in the thousands of dollars. For those who handle cryptocurrency taxes on their own, consumption tax aggregators charge a fee per transaction volume, which makes high-frequency trading especially expensive.
