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TaxBit launches network in partnership with major exchanges and DEXs

Crypto accounting firm TaxBit has launched a network allowing users to connect accounts across the crypto ecosystem to generate their transaction history when filing their taxes. US taxpayers who trade crypto generate Form 8949 to show transaction history for the year when filing with the Internal Revenue Service (IRS). The form illustrates transactions involving capital assets held in the short-term, meaning a year or less. It requires taxpayers disclose a description of the property, the date acquire, the date sold …

TaxBit launches network in collaboration with major exchanges and DEXs

Crypto accounting firm TaxBit has launched a network allowing users to connect accounts across the crypto ecosystem to generate their transaction history when filing their taxes. US taxpayers who trade crypto generate Form 8949 to show transaction history for the year when filing with the Internal Revenue Service (IRS). The form illustrates transactions involving capital assets held in the short-term, meaning a year or less. It requires taxpayers disclose a description of the property, the date acquire, the date sold …

Senators ask Treasury to put out guidance for crypto brokers by year’s end

On December 14, six U.S. senators wrote to Treasury Secretary Janet Yellen, asking her to keep their original intent in mind as the Treasury Department implements new tax reporting provisions for crypto brokers.  In the letter, Senators Portman, Warner, Crapo, Sinema, Toomey and Lummis asked Yellen to verify previous statements from the Biden administration that indicated: “[T]hat the reporting requirements only cover brokers who enable the transfer of digital assets for consideration — and not other parties which are ancillary …

IRS posts finalized 1040 form with revised crypto question

The Internal Revenue Service (IRS) posted its finalized Form 1040, featuring some minor revisions to its crypto question. The IRS included a question on cryptocurrency at the top of the 1040 form last year: “At any time during 2020, did you receive, sell, or otherwise acquire any financial interest in any virtual currency?” The IRS made the move in the hopes of curbing any confusion on reporting cryptocurrency.  The 2020 wording left taxpayers with some questions, according to tax professionals. …