Founded Year

2018

Stage

Series B - II | Alive

Total Raised

$235.75M

About TaxBit

TaxBit is a cryptocurrency tax software platform and accounting firm enabling widespread adoption with real-time tax automation, support, and compliance. TaxBit's software is used by thousands of everyday crypto users, in addition to crypto exchanges and merchants with regards to their 1099 and enterprise reporting requirements. The company was founded in 2018 and is based in Draper, Utah.

TaxBit Headquarters Location

66 E Wadsworth Park Dr., #200

Draper, Utah, 84020,

United States

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Expert Collections containing TaxBit

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

TaxBit is included in 5 Expert Collections, including Unicorns- Billion Dollar Startups.

U

Unicorns- Billion Dollar Startups

1,182 items

B

Blockchain

4,676 items

Companies and startups in this collection leverage blockchain technology for crypto trading, decentralized finance (DeFi), NFTs, and more.

F

Fintech

7,442 items

US-based companies

F

Fintech 250

250 items

250 of the top fintech companies transforming financial services

B

Blockchain 50

50 items

Latest TaxBit News

TaxBit Network Enables Free Filing of Crypto Taxes for Member Firms

Aug 10, 2022

NewsnReleases by NNR | Posted on Software firm TaxBit based in Utah launched the TaxBit Network. Large crypto companies such as Gemini, Coinbase, and SuperRare, comprise TaxBit Network, which permits customers of affiliated companies to gain access at no charge with 2021 crypto tax forms. TaxBit CEO and co-founder Austin Woodward explained to CoinDesk that he plans to simplify the crypto tax process by making the software more accessible within the context of filing ease and cost. Crypto holders find crypto taxes to be challenging, expensive, and confusing. Filing costs per year can reach up to thousands of dollars, explained Woodward. High-frequency trading becomes costly, especially during tax season for crypto-doers and high fees of transaction values charged by consumer tax aggregators. The TaxBit Network participants include Celsius Network, Binance.us, FTX.us, Uphold, Gemini, Blockchain.com, CEX.io, Coin list, Strike, Coinbase, Paxos, OKCoin, and BlockFi. In addition, decentralised finance (DeFi) newbie companies like SuperRare and Uniswap are included, as are traditional fintech firms like PayPal and SoFi. TaxBit’s Network will simplify the process involved with virtual asset users and investors when they prepare their tax returns for the 2021 filing season. Each affiliated TaxBit Network firm user will have the chance to obtain a 2021 tax information form for free, such as the IRS Form 8949, which the Internal Revenue System requires to report sales, property exchanges, dispositions, and dispositions, plus other forms that will require a report for income. TaxBit reports that many participating platforms will integrate free TaxBit signup with only a single click in coordination with the launching of the TaxBit Network. This process will incorporate the company’s traditional applications with that of TaxBit to simplify 2021 tax form access and year-round access to the top industry software owned and run by TaxBit. Learning about taxes and cryptocurrency might be overwhelming for crypto users. Many crypto experts recommend a beginner-friendly platform like Binance or the Bitcoin Up app to learn more about it in a straightforward method. According to Woodward, users do not need to pay for the tax forms of TaxBit Network regardless of the transaction volume. Despite the use of bot trading, crypto holders do not need to be concerned about paying massive tax bills when preparing taxes. TaxBit has eliminated transaction limits, which is a first for the industry. Moreover, Woodward envisions that simplifying crypto taxes will bridge that gap between crypto holders and the Internal Revenue Service, which is one of the reasons for the non-filing of cryptocurrency capital gains. TaxBit believes that crypto users do not desire to evade taxes purposely. They just find it too complex to figure out and too costly. The crypto industry is responding positively to TaxBit Network, and more companies are expected to join it before the tax season ends in April. Crypto businesses want to work with the regulators and plan to assist their users in reporting their taxes. Woodward further clarified that problems with reporting taxes are not due to a lack of desire; instead, it requires a large amount of money for implementation and a technological challenge. Other crypto firm CEOs also agree with this observation of Woodward. Tyler Winklevoss, CEO of Gemini, affirmed that Gemini is devoted to compliance and is proactively helping its investors by providing users access to tax reporting tools to keep them atop their obligations with cryptocurrency tax. In contrast, tax regulations are currently being discussed. Tax forms will soon be available to users starting Tuesday through the participating app of the institution or the website of TaxBit Network. Issues with Compliance with Digital Tax The IRS is blatant in pursuing crypto users who engage in transactions and do not report their transactions accurately and pay tax on those transactions. The IRS expects crypto users to comply with the rules to report activities concerning assets, including property or currency. Although there is complexity with the technology, it is more straightforward with the taxation process. This is considered a taxable event when one spends or disposes of digital currency. A tax is expected when someone sells or trades something for a value greater than the one paid for. TaxBit will make the process easier for taxpayers with its features of an unlimited product or an unlimited wallet.

TaxBit Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

TaxBit Rank

  • When was TaxBit founded?

    TaxBit was founded in 2018.

  • Where is TaxBit's headquarters?

    TaxBit's headquarters is located at 66 E Wadsworth Park Dr., #200, Draper.

  • What is TaxBit's latest funding round?

    TaxBit's latest funding round is Series B - II.

  • How much did TaxBit raise?

    TaxBit raised a total of $235.75M.

  • Who are the investors of TaxBit?

    Investors of TaxBit include Haun Ventures, Insight Partners, Institutional Venture Partners, Winklevoss Capital, TTV Capital and 19 more.

  • Who are TaxBit's competitors?

    Competitors of TaxBit include Ledgible and 8 more.

You May Also Like

Z
ZenLedger

ZenLedger provides tax software for cryptocurrency investors and their accountants. ZenLedger allows users to import transactions, calculate gains and income, and prepare tax returns. Using the platform, cryptocurrency investors can manage their portfolios, generate profit-loss statements, file their taxes, and avoid IRS audits. It was founded in 2017 and is based in Bellevue, Washington.

Accointing Logo
Accointing

Accointing is the accounting, tracking and tax optimization tool for Bitcoin and other cryptocurrencies. It is based in Zug, Switzerland.

Cryptio Logo
Cryptio

Cryptio offers an automated crypto transaction monitoring platform. The platform helps financial institutions, corporations, and crypto-native businesses create auditable records from fragmented decentralized finance (DeFi), custody, and exchange data for the purposes of accounting, treasury, and tax filings. It was founded in 2018 and is based in Paris, France.

Ledgible Logo
Ledgible

Ledgible is an AICPA SOC 1 & 2 assured tax reporting and portfolio tracking platform for crypto assets for professionals, enterprises, and consumers. Financial institutions, corporations, and accounting firms use the company's platform for crypto tax, crypto accounting, and crypto audit for billions of dollars of crypto assets. For clients seeking traditional financial verification, reporting, and assurance, Ledgible provides the tools they need to confidently embrace cryptocurrency in their work. Ledgible was founded in 2016 and is based in Atlanta, Georgia.

CoinTracker Logo
CoinTracker

CoinTracker is a cryptocurrency portfolio and tax manager.

CoinLedger Logo
CoinLedger

CoinLedger provides a platform that streamlines and simplifies digital asset tax reporting for Cryptocurrency, DeFi, and NFT users. CoinLedger’s CryptoTrader.Tax integrates with hundreds of exchanges, wallets, and blockchains.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.