TaxBit
TaxBit connects your cryptocurrency transactions across all exchanges so you can easily file your taxes and track your portfolio.
What you should know about TaxBit
- Enterprise-Grade Compliance: Automates tax reporting for individual traders and large enterprises with industry-leading accuracy and security.
- Seamless API Integrations: Connects to hundreds of exchanges and wallets to automatically sync your entire transaction history and calculate cost basis.
- Real-Time Tax Optimization: Features proactive tax-loss harvesting alerts, helping you offset gains and reduce your overall tax liability throughout the year.
- Professional Support: Provides audit-ready reports and access to expert support for complex tax scenarios and platform inquiries.
Facts about the TaxBit
TaxBit FAQ
How does TaxBit handle complex organizational structures with multiple legal entities?
TaxBit automates the tax and accounting treatments for internal transfers across multiple legal entities. This allows organizations to efficiently maintain differentiated books tailored for both specific accounting requirements and broader corporate tax purposes, streamlining inter-company digital asset flows.
What framework does TaxBit utilize for determining crypto asset fair value measurements?
The platform provides advanced tools for Principal Market Analysis (PMA). It guides organizations in selecting accurate pricing from specific exchanges to establish precise crypto fair value measurements, which can be tailored based on customized time frames and the specific assets held.
In what ways does TaxBit ensure compliance with global accounting standards?
TaxBit supports major accounting frameworks, including the Financial Accounting Standards Board (FASB) and International Financial Reporting Standards (IFRS). Users can effortlessly run calculations on their digital asset holdings to generate reports that strictly adhere to these global accounting and financial reporting standards.
How does TaxBit integrate with existing Enterprise Resource Planning (ERP) systems?
TaxBit enables direct Chart of Accounts mapping, linking digital asset activity seamlessly into standard ERP systems. It supports flexible configurations for various recognized accounting methods, including First-In-First-Out (FIFO), Highest-In-First-Out (HIFO), and Weighted Average cost basis tracking.
What level of security and regulatory compliance does the TaxBit platform offer?
To protect highly sensitive financial data, TaxBit maintains enterprise-grade security protocols. The platform is independently audited and certified to meet stringent industry standards, holding both SOC 1 and SOC 2 Type 2 certifications, as well as ISO 27001 compliance.
What are the fundamental pricing tiers available for TaxBit users?
The TaxBit Network provides an unlimited free tier suitable for basic needs. For more advanced enterprise and institutional requirements, the Pro plan offers comprehensive real-time reporting capabilities alongside annual Certified Public Accountant (CPA) review services.