TaxBit Tax Updates - September 2023

Crypto tax regulations and timelines, product releases for exporting accounts table, visibility into transfer-out lots, UK gain/loss, and more

By: Erin Fennimore

VP of Tax Solutions, TaxBit

Published on:

There hasn’t been a dull moment for our tax enterprise team with a flourish of regulatory activity in the US and abroad, product developments, and industry events. Our September tax newsletter is packed with industry updates, product releases and enhancements, and resources and events that we hope helps you stay up to date with all the latest developments.

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  • The latest on crypto regulations

  • Tax Enterprise Product Releases & Enhancements

  • Additional Resources

The Latest on Crypto Regulations 

The U.S. Treasury Department issued proposed regulations clarifying classifications, reporting definitions, rules, and implementation timelines for the tax information reporting requirements of digital asset brokers as outlined in the Infrastructure Investment and Jobs Act (IIJA) passed by Congress in 2021.

These proposed regulations provide clarity on information reporting obligations for enterprises and taxpayers. For further information on the upcoming comment period, finalization of regulations, and a deeper understanding of the 300 plus pages of regulations, please visit our webpage navigating the proposed regulations. 

Tax Enterprise Product Releases & Enhancements 

Improvements: Accounts Table Export

You can now seamlessly export account details into CSV reports, directly from the Accounts Table within TaxBit Dashboard - It's like having a mini report builder at your fingertips, ensuring you get the information you need, how you want it. Whether you want a complete data snapshot of all accounts or prefer to customize a subset using our intuitive sorting and filtering tools, the choice is yours. 

Improvements: Transfer-Out Lots Visibility

Gain insights into the lots that have been transferred out and corresponding information such as: cost basis information, acquisition date, etc. all based on the account holder’s inventory and accounting method. This feature is accessed on the Transfers Activity Page while navigating to specific transfer-out transfers, you can see detailed lot-information of what was transferred out. 

Improvements: UK Gain / Loss Statement Support

Harness the power of our advanced cost basis calculations using the UK Pooling Method, designed to generate a Gain or Loss Statement tailored for end-user account holders. While this version is unofficial and not intended for official filing, it's crafted to offer users deeper insights into their financial activities and results. Our aim is to enhance the user experience, mirroring the feel of traditional financial platforms, ensuring that navigating through our system feels both intuitive and familiar, while also empowering users to have the information needed to accurately and successfully complete their tax obligations. 

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