Cash App Integrates TaxBit To Make It More Convenient For Bitcoin Holders

Key Points:

• Cash App has chosen TaxBit to assist in supplying the essential cryptocurrency tax paperwork to its consumers who have purchased or owned Bitcoin.
• Users of the Cash App may now use TaxBit to track their Bitcoin transactions for the sake of filing taxes.

Cash App, a mobile payment processor, has included TaxBit’s cryptocurrency tax and accounting software in its offerings to make it easier for Bitcoin owners to file their taxes.

Both companies stated that starting on February 28, Cash App users may now utilize TaxBit to track their Bitcoin transactions for the purpose of filing taxes.

The platform of TaxBit, according to its chief operating officer Lindsey Argalas, streamlines tax reporting:

“We’re pleased to welcome Cash App to the TaxBit Network. We understand crypto taxes are complicated, and we’re here to simplify the process for everyone who has integrated digital assets into their portfolio. We’re ensuring our enterprise partners provide their end-users with the best experience possible year-round to stay tax compliant.”

In order to offer free tax forms to cryptocurrency dealers, TaxBit established TaxBit Network in 2022. Almost a dozen US firms, including PayPal, Coinbase, Binance.US, Paxos, and Gemini, were part of the industry coalition from its inception.

Regulators are taking note of the estimated $50 billion or more in unreported crypto taxes. Hundreds of millions of people will be asked directly on the 2023 U.S. Individual Income Tax Return (Form 1040) whether a taxpayer has interacted with digital assets like Bitcoin.

By offering the crucial Form 8949 for free to file taxes, TaxBit’s market-leading software has assisted millions of taxpayers in understanding the complexity of crypto tax compliance and reporting.

With access to TaxBit’s software, any of the more than 10 million consumers who purchased Bitcoin through Cash App will be able to easily file their cryptocurrency taxes in 2022.

Owen Jennings, Chief Operating Officer of Cash App, stated:

“We’re always looking for financial tools to help make our customers’ lives easier. By being a member of the TaxBit network, our customers can prepare their crypto taxes accurately in minutes at no extra cost.”

The year after introducing BTC deposits, Cash App introduced its Bitcoin trading services. Block Inc., the parent business of Cash App, has made billions of dollars in Bitcoin sales over the years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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