Mobile payment processor Cash App has integrated crypto tax and accounting software TaxBit into its services, giving Bitcoin (BTC) holders a streamlined approach to reporting their taxes.
As of Feb. 28, Cash App users can now track their Bitcoin transactions for tax reporting purposes with TaxBit, both companies announced. Lindsey Argalas, TaxBit’s chief operating officer, said her company’s platform simplifies tax reporting “for anyone who has digital assets integrated into their portfolio.”
Cash App launched its bitcoin trading services in 2018 and introduced BTC deposits the following year. The company claims to have over 10 million bitcoin users. Cash App’s parent company, Block Inc., has generated billions of dollars in Bitcoin revenue over the years. According to filings filed by the United States Securities and Exchange, Block Inc. generated $1.96 billion in Bitcoin revenue in the fourth quarter of 2021.
Related: What is Crypto Tax Loss Harvesting and how does it work?
TaxBit launched TaxBit Network in 2022 to provide crypto traders with free tax forms. The industry consortium started with over a dozen US-based companies, including PayPal, Coinbase, Binance.US, Paxos, and Gemini.
Washington’s Internal Revenue Service (IRS) set January 23 as the start of the 2022 tax filing season. Most taxpayers have until April 18 to file and pay the taxes they owe. In January, the IRS reminded taxpayers of their obligation to report crypto income — which includes capital gains from trading, mining, and staking activities.
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