OKCoin the global, U.S. licensed, fiat-focused crypto asset exchange, is proud to announce that it has teamed up with TaxBit to offer seamless cryptocurrency tax reporting to its users.
The first phase of this partnership was the issuance of proper 1099-B tax forms that provide users with visibility into each of their taxable transactions during the year. Users can take these forms and convert them to a completed IRS 8949 that is ready to file with just a few clicks.
Headquartered in San Francisco, OKCoin enables US customers in 43 states (and counting) to buy 25 crypto assets and stablecoins with US dollars, while also earning up to 20% APY through their Earn product. Users can trade through their website, ios or android mobile app.
The need for better tax reporting originating at the exchange level became evident when the IRS issued tens of thousands of audits (and counting!) caused by cross-checking the amount reported on Form 1099-K against the income section of a taxpayer’s tax return. OKCoin’s issuance of Form 1099-B prevents unnecessary IRS audits as cryptocurrency trading is an investment activity that results in gains and losses, not ordinary income.
With the IRS asking all taxpayers if they engaged in virtual currency activity on the front page of their tax return, OKCoin and TaxBit lead the charge in making it easy for users to report their cryptocurrency activity. OKCoin and TaxBit are excited to work together to release even more user centric functionality with the aim of providing a best-in-industry cryptocurrency tax experience for its users.