As per a report, TaxBit, a cryptocurrency tax and accounting software, has been incorporated into the services of mobile payments processor Cash App, providing Bitcoin owners a more enhanced and maintained method of filing their taxes.
Both businesses stated that as of February 28, Cash App users are able to 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, makes tax reporting easier “for everyone who has integrated digital assets into their portfolio.”
Bitcoin-Friendly Cash App
Notably, the Bitcoin trading services offered by Cash App were introduced in 2018, and BTC deposits followed in 2019. According to the business, there are over ten million Bitcoin users at this time.
Jack Dorsey’s Block Inc., the parent business of Cash App, has generated several billion dollars in Bitcoin sales over the years. In terms of revenue from Bitcoin (BTC) in Q4, it has gone above expectations. The American global company’s Cash App division reported Bitcoin sales of up to $1.83 billion in Q4.
In 2022, TaxBit introduced the TaxBit Network to offer free tax forms to cryptocurrency traders. Over a dozen American firms, including PayPal, Coinbase, Binance.US, Paxos, and Gemini, were part of the organizations at its inception.
As most of the taxpayers will file and pay taxes owed until April 18, the Bank of Brazil, or Banco do Brasil, made a move last month in light of this pay period by announcing a deal with Brazilian cryptocurrency company Bitfy to permit Brazilian taxpayers to use digital assets as a payment option to offset their tax liabilities.
In addition, as the preparation for 2022 filing goes on, the Internal Revenue Service (IRS), the federal tax laws enforcement agency of the United States, specified a few requirements for crypto income reporting at the end of January.