{"id":132940,"date":"2021-07-21T11:03:16","date_gmt":"2021-07-21T11:03:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132940"},"modified":"2021-07-21T11:03:16","modified_gmt":"2021-07-21T11:03:16","slug":"crypto-tax-startup-taxbit-reportedly-in-talks-for-unicorn-level-funding","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/crypto-tax-startup-taxbit-reportedly-in-talks-for-unicorn-level-funding\/","title":{"rendered":"Crypto tax startup TaxBit reportedly in talks for unicorn-level funding"},"content":{"rendered":"

The United States-based cryptocurrency tax software developer TaxBit is reportedly looking for new funding at a valuation of $1 billion or more, which would make it a unicorn startup.<\/p>\n

According to Bloomberg, people with knowledge of the matter said TaxBit is in talks to raise capital, but the terms have yet to be finalized. TaxBit declined to comment on the reports.<\/p>\n

TaxBit is a Salt Lake City, Utah-based startup founded in 2018 specializing in crypto-related tax processes for consumers and businesses. Developed by a group of CPAs, tax attorneys and software developers, the solution enables users to track the tax impact on their trades on crypto exchanges.<\/p>\n

Earlier this year, TaxBit raised $100 million in a Series A round to bolster its expansion into Europe. Paradigm and Tiger Capital led the funding round while other participants included PayPal\u2019s venture arm, Coinbase, Winklevoss Capital, hedge fund billionaire Bill Ackman, Qualtrics\u2019 Ryan Smith and Anthony Pompliano. <\/p>\n

Related:\u00a0US crypto firms invest in tax solutions as IRS updates reporting forms<\/em><\/strong><\/p>\n

According to the same report, TaxBit said that the Internal Revenue Service selected TaxBit to provide crypto-related data analysis and tax calculation support for taxpayers following Series A funding. <\/p>\n

Marking it as a milestone for the crypto industry, Woodward then said that IRS\u2019 decision indicates regulators are embracing the asset class, \u201cbut doing so in a way that ensures a straightforward approach to conform with existing regulations.\u201d<\/p>\n

\u201cThe United States Internal Revenue Service classifies crypto as property, meaning you can trigger taxes every time you use crypto to buy something,\u201d explains Cointelegraph contributor and tax lawyer Robert W. Wood. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The United States-based cryptocurrency tax software developer<\/p>\n","protected":false},"author":3,"featured_media":132939,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nCrypto tax startup TaxBit reportedly in talks for unicorn-level funding - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/crypto-tax-startup-taxbit-reportedly-in-talks-for-unicorn-level-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto tax startup TaxBit reportedly in talks for unicorn-level funding - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The United States-based cryptocurrency tax software developer\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/crypto-tax-startup-taxbit-reportedly-in-talks-for-unicorn-level-funding\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-21T11:03:16+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/Crypto-tax-startup-TaxBit-reportedly-in-talks-for-unicorn-level-funding.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/crypto-tax-startup-taxbit-reportedly-in-talks-for-unicorn-level-funding\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/crypto-tax-startup-taxbit-reportedly-in-talks-for-unicorn-level-funding\/\",\"name\":\"Crypto tax startup TaxBit reportedly in talks for unicorn-level funding - 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