TaxBit Accountant helps tax professionals prepare their client’s IRS 8949 at no cost to them.

How does TaxBit Accountant Work?

By signing up for TaxBit's free Accountant program, you will have access to your Accountant portal where you can manage your clients. 

Your Accountant portal contains a unique referral link that you can send to your client(s) which grants them 10% off any TaxBit plan. You will receive 20% of the sales price each time a client signs up. 

Clients can securely connect their data sources and their transaction data will automatically pull into their TaxBit account. The client’s transactions will run through the U.S. tax code as it applies to cryptocurrency, and completed IRS 8949 forms will be made available from within their account. Clients can delegate access to you as their Accountant so that you can view their account, review their data, and download their tax forms.

Once you obtain your client’s IRS 8949, you can use that form to complete your client’s Schedule D tax form. Your client’s “My Transactions'” page provides a full CPA designed audit trail that details the calculations for each transaction. TaxBit’s audit trail provides immutable support for the tax forms that you file.

How is Virtual Currency Treated for Tax Purposes?

The IRS classifies virtual currency ("cryptocurrency") as property for tax purposes. This means that each cryptocurrency trade or sale is a taxable event. Similar to stocks and equities, if a taxpayer traded or sold cryptocurrency then the taxpayer must report their taxable transactions on an IRS 8949 tax form

Properly compiling a taxpayers IRS 8949 is a challenging task. Unlike stocks and equities, cryptocurrency users routinely engage in coin for coin transactions (property for property), transfer coins across multiple exchanges and wallets, generate new coins through forks, airdrops, and mining, and the list goes on. 

TaxBit was founded by CPAs and tax attorneys in order to automate the complexity of producing accurate cryptocurrency IRS 8949 tax forms. 

For in-depth detail about all things cryptocurrency taxes, check out The Most Trusted Guide to Cryptocurrency Taxes.