Cryptocurrency Tax Automation News: SurePrep streamlines CPA firms’ crypto tax compliance using Bittax’s 8949 solution
IRVINE, Calif., December 16, 2020 (Newswire.com) – SurePrep and Bittax announced a strategic partnership to streamline cryptocurrency tax compliance for tax professionals. This partnership ensures tax professionals have the necessary technology to address the needs of taxpayers who will be under increasing IRS scrutiny this year and into the future.
Bittax generates full crypto activity tax reports based on blockchain data collection and analysis, both in FIFO and specific identification methods. TaxCaddy and 1040SCAN are recognized as the premier taxpayer collaboration and scan-and-populate solutions in the tax and accounting field. Together, SurePrep and Bittax streamline the gathering, analysis and reporting process to ensure forward-thinking firms are ready to serve their clients who buy and sell digital assets.
Gidi Bar-Zakay, founder and CEO of Bittax, explained, “The IRS invests its efforts in taxpayers’ crypto reports examination and compliance. This upcoming tax season it is crucial for tax professionals to have a simple solution for crypto tax preparation, which does not require previous knowledge.”
Bittax innovative algorithms auto-complete missing blockchain information and indicates discrepancies. The system provides optimal tax liability by performing crypto-specific identification on the blockchain.
SurePrep now recognizes Bittax’s 8949 output and exports the data to the leading tax software which eliminates the data entry for clients that report gains and losses from digital asset sales.
David Wyle, CEO of SurePrep, the maker of TaxCaddy and 1040SCAN, added “Automation is driving process improvement for tax professionals and the combination of TaxCaddy, 1040SCAN and Bittax allows firms to gather their clients’ cryptocurrency data and streamline the process of preparing the 1040 tax return.”
The two companies are hosting a joint webinar on Jan. 6 at 11 a.m. Pacific/2 p.m. Eastern to showcase how the combined solutions automate virtual currency and crypto tax compliance for tax professionals.
Bittax is a blockchain-based crypto tax calculation platform designed to meet the highest standards of tax regulations. Bittax provides CPAs and tax professionals with 8949 cryptocurrency tax forms, authenticated tax calculations and proof sheets for IRS examinations. The system extracts all transactions from the blockchain, including real-time data and full history, processing it with the crypto exchanges data to calculate and produce crypto tax reports.
Bittax’s friendly tax calculation tool enables immutable mathematical proof for both tax results and supporting data.
Founded in 2002, SurePrep is the leader in 1040 tax automation for CPA firms. We provide innovative, comprehensive and productive 1040 tax automation solutions that include scan and populate with an optional OCR verification service, outsourcing and a two-time award-winning mobile solution that eliminates the paper organizer. Our solutions are utilized by over 23,000 tax professionals at CPA firms large and small, ranging across the spectrum from Big 4 firms to sole practitioners.