TaxBit Unveils TaxBit Accountant For Cryptocurrency Clients

Cryptocurrency tax automation software maker TaxBit now has the TaxBit Accountant suite of tools for tax professionals who have clients with cryptocurrency holdings.

Feb 19th 2020
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TaxBit Accountant will be available, without charge, to accountants and CPAs to prepare clients’ required IRS 8949 tax forms.

As the cryptocurrency ecosystem continues to develop and grow, regulatory enforcement from the IRS is increasing and, as a result, filing for taxes is now the status quo. The IRS classifies virtual currency ("cryptocurrency") as property for tax purposes. This means that each cryptocurrency trade or sale is a taxable event.

For Professionals Using TaxBit Accountant

  • You will have access to an individual accountant portal that contains a unique shareable, referral link which grants clients 10 percent off any TaxBit plan
  • Accountants will receive 20 percent of the sales price for each client that signs up
  • When your client finishes the one-time setup process of connecting their data sources, their transaction data will automatically populate on an ongoing basis
  • Your client can delegate you account access with one click. You will receive an email notification and be able to view your client’s account from your TaxBit Accountant portal. Your Accountant portal keeps track of all of your clients and gives you access to each of their accounts
  • You can review your client’s transactions and download their completed IRS 8949 tax form

For Clients Using TaxBit

  • Create a TaxBit account using your unique link via accountant / firm
  • TaxBit software will walk you through how to quickly and securely connect data sources
  • You can then delegate account access to your accountant who will file appropriately

Accountants can view a CPA-designed audit trail of each client’s crypto transactions and corresponding tax calculations within the TaxBit Accountant software. Every transaction on your client’s IRS 8949 tax form will tie out to the audit trail on their Transactions page. After downloading each client’s tax forms, accountants can incorporate them into the full tax return and file.

In addition, TaxBit has partnered with online tax preparation company 1-800Accountant to provide TaxBit Accountant tools for accountants and their clients to tracki cryptocurrency transactions for filings.

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