Cryptocurrency exchanges totaling over 500 are now required to be submitted as investor income to the Internal Revenue Service for the 2023 tax season as a result of the 2021 Investment and Employment in infrastructure, according to nathan jonessenior vice president and general manager of the public sector division of TaxBit.
“To ease the transition, the IRS has contracted with TaxBit, the leader in crypto taxation, as they attempt to make sense of collecting US crypto taxes. TaxBit is primarily focused on restoring crypto businesses,” Jones commented.
TaxBit is a company that intends to alleviate the questions and doubts surrounding taxes and accounting on the growing digital economy through its software services.
Its platforms aim to help businesses, government agencies, and individuals navigate new laws that have begun to regulate and systematize emerging forms of currency.
The Draper, Utah-based organization’s offerings include a basic accounting suite, a client management suite, and forms issuance. Their team has also developed a real-time ERP accounting platform for commodities, stocks, and other digital asset investments.
“The TaxBit Network allows users to easily integrate their cryptocurrency, DeFi, and NFT exchange data from over 500 sources, view their tax calculations line by line, and download IRS 8949 forms and reports. on income filled,” Jones explained.
Jones came to TaxBit in February after nearly two decades with Red Hat. His appointment was part of the former company’s efforts to increase its presence with federal government clients.
In April, Jones shared his views on President Biden executive decree on digital currencies.
“While many policymakers have historically been hesitant to embrace digital assets, EO is a signal that the Biden administration wants the United States to embrace digital assets as a source of financial innovation,” Jones told ExecutiveGov.