SurePrep and Bittax just lately introduced they’ve a strategic partnership to streamline cryptocurrency tax compliance for tax professionals. In keeping with the duo, this new collaboration ensures tax professionals have the mandatory expertise to deal with the wants of taxpayers who shall be beneath rising IRS scrutiny this yr and into the long run.
Bittax, which is a blockchain-based crypto tax calculation platform, notably generates full crypto exercise tax studies primarily based on blockchain knowledge assortment and evaluation, each in FIFO and particular identification strategies.
“TaxCaddy and 1040SCAN are acknowledged because the premier taxpayer collaboration and scan-and-populate options within the tax and accounting discipline. Collectively, SurePrep and Bittax streamline the gathering, evaluation and reporting course of to make sure forward-thinking companies are able to serve their shoppers who purchase and promote digital belongings.”
In the meantime, SurePrep now acknowledges Bittax’s 8949 output and exports the information to the main tax software program which eliminates the information entry for shoppers that report good points and losses from digital asset gross sales. Talking concerning the partnership, Gidi Bar-Zakay, Founder and CEO of Bittax, defined:
“The IRS invests its efforts in taxpayers’ crypto studies examination and compliance. This upcoming tax season it’s essential for tax professionals to have a easy resolution for crypto tax preparation, which doesn’t require earlier information.”
David Wyle, CEO of SurePrep, the Creator of TaxCaddy and 1040SCAN, added:
“Automation is driving course of enchancment for tax professionals and the mix of TaxCaddy, 1040SCAN and Bittax permits companies to collect their shoppers’ cryptocurrency knowledge and streamline the method of getting ready the 1040 tax return.”