A Step Closer to the Regulated Crypto Reality

The human arsenal can showcase its value through many different avenues, but honestly speaking, there is no avenue more significant here than that tendency of ours to grow on a consistent basis. We say this because the stated approach has already fetched us some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience from all conceivable directions, but even after achieving such a monumental feat, technology will somehow continue to deliver the goods. The same has turned more and more evident in recent times, and assuming a new partnership works out just like we envision, it will only propel that trend to far greater heights moving forward.

TaxBit, the leading tax and accounting provider for digital assets, has officially announced that it has been selected by Cash App to provide the necessary crypto forms to the latter’s 10+ million users who have bought or held bitcoin since the offering was rolled out in 2019. To understand the significance of such a partnership, we must start off by acknowledging how almost $50+ billion worth of crypto taxes have so far gone unreported. This has paved the way for certain changes where the 2023 U.S. Individual Income Tax Return now asks front and center to see whether a taxpayer has dealt with digital assets such as Bitcoin, Ethereum, and others. But why did Cash App particularly select TaxBit to cater such a need? Well, the answer would begin and finish at the company’s industry-leading software, which makes the whole process of crypto tax compliance and reporting a lot easier. Beyond that, the solution also helps you big time in gaining a better understanding of your capital gains and losses, and it does so by providing the necessary Form 8949 for free to file your taxes.

TaxBit’s excellence in what it does is further validated by its track record that claims the company has saved individual cryptocurrency users tens of millions of dollars in tax preparation fees, while simultaneously generating more than 30 million tax forms. For the future, though, TaxBit doesn’t plan on staying limited to just tax compliance. Instead, the company will use one of its recent acquisitions to build a streamlined accounting subledger which can protect businesses from having to spend extended hours on critical digital asset management and reporting.

“We’re pleased to welcome Cash App to the TaxBit Network,” said Lindsey Argalas, Chief Operating Officer of TaxBit. “We understand crypto taxes are complicated, and we’re here to simplify the process for everyone who has integrated digital assets into their portfolio. We’re ensuring our enterprise partners provide their end-users with the best experience possible year-round to stay tax compliant.”