IRVINE, Calif., Dec. 16, 2020 /PRNewswire/ — SurePrep and Bittax introduced a strategic partnership to streamline cryptocurrency tax compliance for tax professionals. This partnership ensures tax professionals have the required expertise to deal with the wants of taxpayers who can be underneath growing IRS scrutiny this 12 months and into the long run.
Bittax generates full crypto exercise tax reviews primarily based on blockchain information 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 subject. Collectively, SurePrep and Bittax streamline the gathering, evaluation and reporting course of to make sure forward-thinking corporations are able to serve their purchasers who purchase and promote digital belongings.
Gidi Bar-Zakay, founder and CEO of Bittax, defined, “The IRS invests its efforts in taxpayers’ crypto reviews 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.”
Bittax progressive algorithms auto-complete lacking blockchain info and signifies discrepancies. The system offers optimum tax legal responsibility by performing crypto-specific identification on the blockchain.
SurePrep now acknowledges Bittax’s 8949 output and exports the information to the main tax software program which eliminates the information entry for purchasers that report positive aspects and losses from digital asset gross sales.
David Wyle, CEO of SurePrep, the maker of TaxCaddy and 1040SCAN, added “Automation is driving course of enchancment for tax professionals and the mixture of TaxCaddy, 1040SCAN and Bittax permits corporations to assemble their purchasers’ cryptocurrency information and streamline the method of making ready the 1040 tax return.”
The 2 firms are internet hosting a joint webinar on Jan. 6 at 11 a.m. Pacific/2 p.m. Jap to showcase how the mixed options automate digital forex and crypto tax compliance for tax professionals: https://www.cpaacademy.org/webinars/a0D2S00000ogsUGUAY.
Bittax (https://www.bit-tax.com/) is a blockchain-based crypto tax calculation platform designed to fulfill the best requirements of tax rules. Bittax offers CPAs and tax professionals with 8949 cryptocurrency tax kinds, authenticated tax calculations and proof sheets for IRS examinations. The system extracts all transactions from the blockchain, together with real-time information and full historical past, processing it with the crypto exchanges information to calculate and produce crypto tax reviews.
Bittax’s pleasant tax calculation device permits immutable mathematical proof for each tax outcomes and supporting information.
Based in 2002, SurePrep (https://corp.sureprep.com/) is the chief in 1040 tax automation for CPA corporations. We offer progressive, complete and productive 1040 tax automation options that embody scan and populate with an elective OCR verification service, outsourcing and a two-time award-winning cellular resolution that eliminates the paper organizer. Our options are utilized by over 23,000 tax professionals at CPA corporations massive and small, ranging throughout the spectrum from Massive 4 corporations to sole practitioners.