Tax Compliance Company on a Mission to Improve Its Cryptocurrency Taxing Operations

TaxBit, a cryptocurrency-based tax compliance company, has just concluded a fundraising project. The event saw the company raise $5 million in total, and had the Winklevoss twins’ investment firm, Winklevoss Capital in attendance. There were several other prominent investment houses in attendance at the fundraising event.

The event was hosted on the 6th of January 2020 and TaxBit has announced that it intends on using the funds raised to scale-up its software product’s distribution to a global scale as the product has amassed widespread adoption among cryptocurrency users in recent times. The company stated that it will be expanding its operations in the US also in Canada, the UK, and Australia.

TaxBit’s Formidable Production Team
TaxBit’s “TurboTax of crypto”, which was released in January 2019, is a tool that automatizes cryptocurrency taxes for crypto users, exchanges, and vendors.

The Chief Executive Officer of TaxBit, Austin Woodward, revealed that one of the unique selling points of the product over its competition is that it was manufactured by a special team of Certified Public Accountants, tax lawyers, and top software developers.

Woodward remarks that with a combination of expertise like this, one can expect that the best tax solution product will be produced.

Operations in Line with IRS’ Standard
Based on information on the TaxBit’s website, the firm’s crypto tax product provides support for more than 2,500 cryptocurrencies and contains tax optimization tools.

Woodward also added that the company is duly observing the IRS’ new guidelines and recommendations.

TaxBit features a service, immutable audit trail, which addresses the issue of frequent updates of cryptocurrency tax by the IRS.

The CEO ended by saying that the company is constantly seeking ways to incorporate better technologies into its services to provide more accurate tax reporting.

The IRS initiated its crypto tax code in October 2019. The agency has announced that it will be screening about 150 million taxpayers in the United States and expects to realize at least 12 million tax returns relating to cryptocurrency investments.