SurePrep and Bittax recently announced they have a strategic partnership to streamline cryptocurrency tax compliance for tax professionals. According to the duo, this new collaboration 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, which is a blockchain-based crypto tax calculation platform, notably 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.”
Meanwhile, 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. Speaking about the partnership, 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.”
David Wyle, CEO of SurePrep, the Creator 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.”