A milestone moment for the cryptocurrency industry.
We are excited to announce 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.
TaxBit's platform has produced and helped customers file millions of tax forms across the market verticals it serves. TaxBit Enterprise and TaxBit Consumer transform the cumbersome experience of cryptocurrency tax reporting in a way that not only ensures compliance with tax law but also helps users actively tax optimize their investments and use of cryptocurrency.
Tax compliance isn't the only focal point of the company. Working hand-in-hand with several of the leading cryptocurrency platforms, TaxBit is also developing the industry's first Big Four & SEC grade accounting ERP solution that will publicly launch later this year, along with plans for international expansion in 2021.
This announcement does not mean that TaxBit will ever give customers’ information to the IRS. Instead, the IRS provides data to TaxBit from a population of taxpayers that they determine on their own, completely independent from TaxBit. TaxBit Government is separate from TaxBit Consumer and TaxBit Enterprise.