Crucial Ideas

• Cash App has chosen TaxBit to aid in assisting its users who have acquired or held Bitcoin to provide the necessary cryptocurrency tax documentation.
• Users of the Cash App may now track their Bitcoin transactions using TaxBit in order to file their taxes.

To make it simpler for Bitcoin owners to file their taxes, Cash App, a mobile payment processor, has incorporated TaxBit’s bitcoin tax and accounting software into its operations.

Both businesses announced that effective of February 28, Cash App users will be able to track their Bitcoin transactions using TaxBit in order to file their taxes.

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According to TaxBit’s chief operating officer Lindsey Argalas, the platform simplifies 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 2022, TaxBit created TaxBit Network to provide free tax forms to cryptocurrency merchants. Almost a dozen US companies, including Binance, Coinbase, and PayPal. From the beginning, US, Paxos, and Gemini were a part of the industrial alliance.

Authorities are aware of the unreported crypto taxes, which are thought to be worth $50 billion or more. On the 2023 U.S. Individual Income Tax Return (Form 1040), hundreds of millions of people will be directly questioned about whether a taxpayer has dealt with digital assets like Bitcoin.

TaxBit’s market-leading software has helped millions of taxpayers grasp the intricacies of crypto tax compliance and reporting by providing the essential Form 8949 for free to file taxes.

Any of the more than 10 million customers who bought Bitcoin through Cash App will be able to simply file their bitcoin taxes in 2022 if they have access to TaxBit’s software.

“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.”

Cash App launched its Bitcoin trading services a year after allowing BTC deposits. Over the years, Block Inc., the parent company of Cash App, has sold billions of dollars’ worth of Bitcoin.