Cash App amalgamates TaxBit amid tax-filing period

Dozens of U.S.-based organizations, including Cash App, PayPal, Coinbase, Binance.US, Paxos, and Gemini, participated in the founding of the TaxBit coalition.

Cash App, a mobile payments processor, has integrated the crypto tax and accounting software TaxBit into its services, allowing Bitcoin $23,50 holders to file their taxes more efficiently.

Both firms stated on February 28 that Cash App users can now trace their Bitcoin transactions for tax reporting purposes using TaxBit.

Lindsey Argalas, the chief operating officer of TaxBit, stated that her company’s technology simplifies tax reporting “for everyone who has integral digital assets into their portfolio.”

Cash App debuted its Bitcoin trading services in 2018 and rolled out BTC deposits the following year. The business asserts that there are more than 10 million Bitcoin users.

Cash App’s parent firm, Block Inc., has produced billions of dollars in Bitcoin revenue over the years. Block Inc. made $1.96 billion in Bitcoin revenue during the fourth quarter of 2021, according filings with the United States Securities and Exchange Commission.

TaxBit developed TaxBit Network in 2022 to offer free tax forms to crypto merchants. More than a dozen U.S.-based organizations, including PayPal, Coinbase, Binance.US, Paxos, and Gemini, participated in the founding of the industry coalition.

The Federal Internal Revenue Service or IRS, has designated January 23 as the beginning of the 2022 tax filing season. The majority of taxpayers have until April 18 to submit and pay their taxes.

In January, the IRS reminded taxpayers of their reporting requirements for crypto income, including capital gains from trading, mining, and staking.