TaxBit to Help IRS Ensure Crypto Traders Report on Taxes Properly yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
The IRS Selects TaxBit as Software Partner
News provided by
Share this article
Share this article
SALT LAKE CITY, May 11, 2021 /PRNewswire/ The IRS recently selected TaxBit, subcontracting under DPI Inc., to provide data analysis and tax calculation support for taxpayers with cryptocurrency. TaxBit provides tax automation software to enterprises, consumers, and government entities. This is a milestone moment for the cryptocurrency industry. It indicates regulators are embracing the asset class, but doing so in a way that ensures a straightforward approach to conform with existing regulations. We believe this is an important step for the enablement of widespread cryptocurrency adoption. Austin Woodward, Co-Founder and CEO of TaxBit.
SALT LAKE CITY U.S. taxpayers will see a question, once buried in a schedule attachment, now prominently displayed near the top of the ubiquitous Form 1040 this year that reflects the IRS rising efforts to account for rising activity in cryptocurrencies as an investment target and transaction medium: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?
Salt Lake-based TaxBit has been working since 2018 to help simplify and automate tax reporting duties for cryptocurrencies like Bitcoin, Ether and many others, and on Tuesday announced a $100 million Series A investment round.
Crypto Tax Provider TaxBit Raises $100M for Global Expansion
Last Updated: 03 March 2021
Crypto tax solution provider TaxBit has raised $100 million in a Series A funding round, according to its official website. The software provider would channel the capital into its expansion program, with eyes set on the United Kingdom.
Expanding its Audience
The fundraising campaign was spearheaded by investment firms Paradigm and Tiger Global. Paypal Ventures, Winklevoss Capital, the Winklevoss twins’ investment arm, Coinbase Ventures, Bill Ackman, and Qualtrics co-founder Ryan Smith, also participated. TaxBit came out with $107 million in total investments raised.
According to a company’s released statement, the investment round became necessary after cryptocurrencies gained wide acceptance following the pandemic. Michael O’Connor, vice-president of marketing, said the need for TaxBit’s tailored tax and accounting software is conspicuous given the industry’s
TaxBit Raises $100 Million to Enable Mainstream Cryptocurrency Adoption
News provided by
Share this article
SALT LAKE CITY, March 2, 2021 /PRNewswire/
TaxBit, which offers cryptocurrency tax and accounting automation software announced today a record-breaking $100 Million Series A funding round led by Paradigm and Tiger Global with additional participation from PayPal Ventures, Coinbase Ventures, Winklevoss Capital, world-renowned investor Bill Ackman, Qualtrics co-founder and chairman Ryan Smith, Anthony Pompliano, former Venmo COO Michael Vaughan, Galaxy Digital, Valar Ventures, Collaborative, Global Founders Capital, Album Ventures, TTV Capital, Original Capital, and more.
TaxBit Raises $100 Million to Enable Mainstream Cryptocurrency Adoption
TaxBit s Record-Breaking $100 Million Series A