Gemini Trust Co. LLC, a cryptocurrency exchange and custodian, will soon deploy TaxBit’s Tax Center Suite technology to provide its users with completed cryptocurrency tax reports and tools to better monitor and optimize tax reporting.
“TaxBit’s software automates the calculations required for crypto tax reporting, helping reduce the pain point of crypto tax for our users. Investors will also be able to see real-time tax implications of any trades they make on Gemini, ” said Tyler Winklevoss, CEO of Gemini.
TaxBit CEO Austin Woodward commented, “We are excited to partner with Gemini in order to bring industry leading tax technology to Gemini’s platform. Gemini is making crypto taxes, something that historically has been viewed as intimidating and complex, simple.”
The IRS has reiterated the importance of reporting taxable crypto transactions and Tax Center Suite will provide users with transaction level tax reporting in the same format that the IRS requires crypto users to report their taxable transactions. Users will be able to download a completed tax report that is ready to upload into popular tax filing softwares or hand over to their accountant.
TaxBit’s Tax Center Suites provides users tools to monitor and lower their tax liability, or even potentially increase their tax refund, as they use Gemini throughout the year. Users will be able to see the real-time tax impact of their transactions, as well as receive trade alerts when tax saving opportunities are available.