US crypto firms invest in tax solutions as IRS updates reporting forms
Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit. United States regulators are continuing to fine-tune their tax reporting requirements for cryptocurrency users. A second draft of Form 1040 from the Internal Revenue Service for the 2020 tax season published online suggests that the agency will now require anyone who was engaged in any transaction involving cryptocurrency in 2020 will need to declare it:"If, in 2020, you engaged in any transaction involving virtual currency, check the ‘Yes’ box next to the....
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Several crypto firms, including Binance and Circle, have launched a new crypto scam reporting platform. The tool “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.”
New Crypto Scam Reporting Platform Launched
A number of crypto firms have joined forces and launched a new, multi-chain scam reporting platform. TRM Labs, Circle, Solana Foundation, the Aave Companies, Hedera, Binance.us, and Civic announced last week “the launch of a new community-powered scam reporting platform,....
TaxBit wants to prevent crypto users from spending “thousands of dollars per year” to generate crypto tax forms. Crypto tax compliance firm TaxBit is working to unite major industry companies like Coinbase and Binance.US within one network to enable free 2021 tax forms for users.The crypto tax software provider on Tuesday launched the TaxBit Network, a certified network aiming to democratize crypto tax calculations and tax forms by providing necessary tax reporting data to all network users for free.The TaxBit Network at launch includes about 20 major crypto-related businesses in the....
The New York Department of Financial Services intends to digitize financial reporting in a tech initiative that will initially focus on cryptocurrency companies.
A poll has found 22% of institutional investors are likely to buy cryptocurrency in the future. A survey carried out by JPMorgan found that one in five institutional investors at firms that don't currently trade in cryptocurrency believe their companies are likely to do so in future.The survey of more than 3,400 investors representing 1,500 institutions, found that 11% of respondents work at firms that trade or invest in crypto, while 89% do not.Promisingly however, twice as many institutions appear likely to invest into crypto ashan those who have already taken the plunge, signalling....
The possible new funding would bring the Utah-based crypto tax automation provider to a valuation of $1 billion or above. The United States-based cryptocurrency tax software developer TaxBit is reportedly looking for new funding at a valuation of $1 billion or more, which would make it a unicorn startup.According to Bloomberg, people with knowledge of the matter said TaxBit is in talks to raise capital, but the terms have yet to be finalized. TaxBit declined to comment on the reports.TaxBit is a Salt Lake City, Utah-based startup founded in 2018 specializing in crypto-related tax processes....