The TaxBit Network is democratizing cryptocurrency tax calculations and tax forms to U.S. cryptocurrency users of SoFi, one of the largest personal finance platforms
TaxBit, the leading tax and accounting software provider for the tokenized economy, announces SoFi Technologies, the digital personal finance company, is joining the Taxbit Network—the first-of-its-kind network to provide free cryptocurrency tax forms to all users of the over 20 Taxbit Network companies.
Historically, the process of generating cryptocurrency tax forms costs individuals anywhere from hundreds to thousands of dollars per year depending on whether they used do-it-yourself software or enlisted an accountant. The TaxBit Network eliminates this barrier to mainstream digital asset adoption with every SoFi user of a supported TaxBit Network company receiving free, accurate crypto tax forms.
Austin Woodward, TaxBit CEO, commented on the news, “Adding a company like SoFi to the TaxBit Network is a major step for the digital asset world. This is a traditional finance company entering the world of crypto in a big way. We are thrilled to have them join our network and we look forward to assisting their clients in this new and ever-changing landscape.”
In tandem with the launch of TaxBit Network, SoFi will be incorporating a one-click, free TaxBit sign-up within their native applications to further simplify access to 2021 tax forms and year-round access to TaxBit’s industry-leading software.
“Our mission is to help people get their money right, and joining the TaxBit Network makes it easier than ever to do that by making it simpler for our members to manage their taxes on cryptocurrency,”. said Anthony Noto, CEO of SoFi. “We have seen a growing appetite for crypto investing among our members, and we know that trend is only to continue on as we see more and more people jumping into the market. We’re thrilled to be getting ahead of the curve in meeting that need, and the implications that come with the trading of cryptocurrency, alongside TaxBit.”
The TaxBit Network provides users the ability to easily integrate their cryptocurrency exchange, DeFi, and NFT data, see their tax calculations line-by-line and aggregate tax positions, and download completed IRS Forms 8949 and Income reports that are ready to upload to popular tax filing software or hand over to an accountant—all for free for users of supported TaxBit Network companies, like SoFi. TaxBit’s team of industry-leading CPAs and tax attorneys have certified the accuracy of tax calculations related to platforms within the TaxBit Network, including reconciling tax forms to all Forms 1099 issued by such platforms.
