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TaxBit
Fintech
TaxBit is a Salt Lake City-based tax compliance software company that helps individuals, businesses, and government agencies calculate and report taxes owed on cryptocurrency transactions.
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TaxBit was founded in 2018 by Austin Woodward and Justin Woodward, based on the recognition that calculating taxes owed on cryptocurrency transactions is significantly more complex than calculating taxes on most traditional investments, since cryptocurrency users often make very large numbers of individual transactions across multiple different exchanges and wallets, and each individual transaction, including trading one cryptocurrency for another, using cryptocurrency to make a purchase, or even certain types of cryptocurrency staking rewards, can potentially trigger a taxable event depending on the circumstances.requiring calculation of gains or losses relative to the cryptocurrency's cost basis at the time it was originally acquired, a calculation that becomes extremely complex to track manually across potentially thousands of individual transactions spread across many different platforms. TaxBit's platform aggregates cryptocurrency transaction data across a user's various exchanges and wallets, then automatically calculates the tax implications of these transactions according to relevant tax rules, generating the tax forms and reports that individual cryptocurrency users, businesses, and their accountants need for tax filing purposes, addressing a calculation and reporting burden that would be extremely time-consuming and error-prone to handle manually given the sheer transaction volume and complexity many active cryptocurrency users generate. The company has built both consumer-facing tax software for individual cryptocurrency users and enterprise-focused compliance software for cryptocurrency exchanges and other businesses that need to provide tax reporting information to their own users and to tax authorities, and has also worked directly with government tax agencies, including reportedly providing technology supporting the U.S. Internal Revenue Service's own cryptocurrency tax compliance and enforcement efforts, reflecting the company's positioning at the intersection of cryptocurrency industry compliance needs and government tax enforcement interests as cryptocurrency has grown from a niche activity into a mainstream asset class requiring more robust tax compliance infrastructure. TaxBit's customers span individual cryptocurrency investors, cryptocurrency exchanges and other crypto businesses needing to provide tax reporting to their users, and government tax agencies. The company has raised substantial venture funding from investors including Paradigm, IVP, and Tiger Global, reaching unicorn status, competing with other crypto tax software providers including CoinTracker and Koinly.
FOR QUALIFIED INSTITUTIONAL AND ACCREDITED INVESTORS ONLY: Under federal securities laws, private market investments on this platform are available exclusively to Institutional and Accredited Investors. Verification of status required before investing. Private investments involve significant risks including illiquidity, potential loss of principal, and limited disclosure requirements. "Augment" refers to Augment Markets, Inc. and its affiliates. Augment Markets, Inc. is a technology company offering software and data services, not a bank or financial institution. Cash Accounts are provided by Modern Treasury Corp. financial institution partners and through Augment's technology. Augment does not act as a money services business, provide money transmission, or serve as a custodian of funds. Funds held in your Cash Account are not FDIC insured unless expressly disclosed. Full terms available in the Augment Cash Account Agreement. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. "Investment accounts" are not brokerage accounts and do not hold customer funds or securities. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Neither Augment Advisors, LLC nor Augment Capital, LLC provide legal or tax advice; consult your attorney or tax professional regarding your specific situation. For additional information, please refer to Augment Advisors, LLC's Form ADV Part 2A (Firm Brochure) and FINRA BrokerCheck.
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