Bitcoin-friendly Cash App integrates TaxBit amid tax-filing season

Mobile payments processor Cash App has integrated crypto taxation and accounting bundle TaxBit into its services, giving Bitcoin (BTC) holders a much streamlined attack to reporting their taxes. 

As of Feb. 28, Cash App users tin present support way of their Bitcoin transactions for taxation reporting purposes utilizing TaxBit, some companies announced. TaxBit’s main operating serviceman Lindsey Argalas said her company’s level simplifies taxation reporting “for everyone who has integrated integer assets into their portfolio.”

Cash App launched its Bitcoin trading services successful 2018 and rolled retired BTC deposits the pursuing year. The institution claims to person implicit 10 cardinal Bitcoin users. Cash App’s genitor company, Block Inc., has generated billions of dollars successful Bitcoin gross implicit the years. According to United States Securities and Exchange filings, Block Inc. generated $1.96 cardinal successful Bitcoin gross during the 4th fourth of 2021.

Related: What is crypto tax-loss harvesting, and however does it work?

TaxBit launched TaxBit Network successful 2022 to supply crypto traders escaped taxation forms. The manufacture consortium launched with implicit a twelve U.S.-based companies, including PayPal, Coinbase, Binance.US, Paxos and Gemini.

Three things are definite successful life: Death, taxes, and Bitcoin's scarcity! pic.twitter.com/Y3WZwIUpGV

Washington’s Internal Revenue Service, oregon IRS, acceptable Jan. 23 arsenic the commencement of the 2022 taxation filing season. Most taxpayers person until April 18 to record and wage taxes owed. In January, the IRS reminded taxpayers of their crypto income reporting obligations — this includes superior gains from trading, mining and staking activities.