• BlockFi and TaxBit have partnered to provide a cryptocurrency reporting tool for US clients

  • BlockFi, a high yield crypto lender, has partnered with TaxBit, a tax and accounting software provider, to provide tax reporting tools to its US clients.

    “We’re always looking for ways to help clients improve their financial planning, and we know that tax exposure can be a daunting task for crypto investors,” said Zac Prince, founder and CEO of BlockFi, in a prepared statement.

    According to TaxBit CEO Austin Woodward, “this partnership removes the complexities of having digital asset tax reporting in a user-centric manner.”

    Clients in the United States will reportedly have access to a “full suite” of tax tools through the BlockFi Tax Center. This includes tax reporting, tax planning, claiming tax losses, and trading. In addition, the service will track information at the transaction level in order to provide clients with a 1099-B tax form.

    BlockFi is tackling crypto taxes.

    In recent weeks, there has been a lot of talk about taxing the cryptocurrency industry.

    The U.S. Senate rejected a revised crypto tax provision in the $1.2 trillion infrastructure bill earlier this month, and it is now on its way to the U.S. House of Representatives for review this autumn.

    The bill’s original language included tax reporting requirements for non-custodial crypto actors like miners and software developers. The crypto industry’s supporters claimed that the bill was too broad and would stifle innovation.

    Senator Elizabeth Warren (D-MA) responded by saying the bill was simply a reporting requirement that was already in place “everywhere else.”

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