Through TaxBit Network, Coinbase and PayPal will provide free crypto tax forms.
TaxBit, a cryptocurrency tax compliance company, has been trying to bring together major companies of this industry like Binance.US and Coinbase within a single network to develop free tax forms for 2021. The company offering various tax software solutions on Tuesday announced the launching of TaxBit Network. This collective will include many companies that have been trying to simplify tax calculations and forms for crypto users. Users of this network will receive tax data for free.
Major Crypto Companies Involved in This Initiative
This network includes 20 major US businesses operating in the crypto industry. Some of the companies are PayPal, Coinbase, Binance.US, FTX.US, Celsius Network, Gemini, Paxos, OkCoin, BlockFi and Blockchain.com. Marketing vice president of TaxBit, Michael O’Connor, informed that new companies will be added to this network daily. This initiative will allow the network users to receive accurate and free tax forms for 2021 tax filing. Some participating companies will incorporate a TaxBit sign-up setup within their platforms to provide quick access to the tax tools.
Help Crypto Users Comply with the Tax Laws
The goal of these initiatives is to bring down the barriers that prevent wider crypto adoption. US users can use this setup to comply with the tax laws. They will avoid spending money on tax compliance services by using this simple setup. Many crypto users have to spend hundreds or even thousands of dollars every year to generate cryptocurrency tax forms. The cost depends on whether a user is trying to use a DIY program or hire an accountant.
The tax tools of TaxBit specific to crypto will now be available easily to the users of these platforms participating in this network.