Taxbit is a cryptocurrency tax software that helps both small cryptocurrency consumers and big enterprises with crypto accounting. Austin Woodward, the CEO of Taxbit will be sharing more details with us in this exclusive interview with TechBullion.
Please tell us your name and about yourself?
My name is Austin Woodward and I am the CEO of TaxBit, and a CPA. Prior to launching TaxBit, I was an early employee and the Controller at Qualtrics. During my time at Qualtrics, we grew to over 2,000 employees and were acquired by SAP days before IPO for $8 billion.
What is TaxBit and what unique services does the platform provide?
TaxBit is a cryptocurrency tax platform and accounting firm that enables the widespread adoption of cryptocurrency to be possible by automating the regulatory hurdle of tax compliance. Our platform provides cryptocurrency exchanges with best-in-class, in-app Tax Center Suites. Users can see the real-time tax impact of the trades they make, optimize trades to reduce their taxes to the greatest extent, and download all of their 1099 and other required tax forms.
What is the technology behind TaxBit, could you give us a walkthrough of how it works?
TaxBit offers users access to an industry-leading suite of tax products for both consumers and enterprises. TaxBit’s technology has integrated the IRS’ tax code related to cryptocurrency and automated the data ingestion process to automate users’ taxes. Simplifying the experience for consumers as well as enterprise customers for their end-user.
Within several of the leading cryptocurrency exchange platforms, users can easily interact with TaxBit Enterprise’ technology by clicking on the “Tax Center” tab within their exchange account. This tab is being powered by TaxBit’s APIs, providing you a complete tax experience natively within an exchange’s application.
Additionally, consumers can benefit from signing up for a TaxBit Consumer account. They can seamlessly connect all cryptocurrency trading activity across multiple platforms making their portfolio tracking metrics, tax metrics, and tax documents available in real-time.
The blockchain market now seems to be focused more on DeFi, why is a platform like TaxBit important now?
Defi has emerged as an innovative way to trade cryptocurrency directly with peers. It can be difficult to track transactions that occur on DeFi platforms, making it onerous for a consumer to report these trades on your taxes. We’ve solved this problem via our consumer product, which makes the process of aggregating and reporting taxes on DeFi transactions simple.
Most cryptocurrency activity still takes place on centralized exchanges. Centralized exchanges offer many benefits such as custody, security, and in-app tax centers (powered by TaxBit) that automatically keep track of a user’s taxes for them.
How does Taxbit integrate the end-to-end suite of tax services within enterprise platforms?
TaxBit developed best-in-class data feeds working directly with many of the world’s largest exchanges via API, giving consumers a suite of tax tools natively within their exchange account.
Do you have any available opportunities for investors and partners at Taxbits?
TaxBit continues to partner with many of the leading cryptocurrency exchanges, wallet platforms, and accounting firms. TaxBit is backed by some of the most reputable investors in the industry. Please reach out to our support team for more information on partnership opportunities.
Could you tell us about your team and customer support?
TaxBit is both a software platform and an accounting firm. TaxBit has a team of CPA’s and tax attorneys that ensure the greatest level of accuracy. TaxBit also has a large support team that is always available to answer any user questions and help users onboard. Every TaxBit Consumer account includes live chat support! We pride ourselves on having the best customer support and customer sentiment on sites like Trustpilot speak to the high-quality support we provide.
How Safe is Taxbit, would you like to talk about your security measures?
TaxBit’s internal controls and security measures have been independently audited and SOC 2 certified. We take great pride in protecting our users data.
Do you have more information for our readers?
We created TaxBit to make cryptocurrency taxes simple for consumers and we’re here to help, with real-time access to your tax obligations and reporting. Our team of industry leading experts are here to help navigate any issues that may arise from a 1099-K that leads to an IRS CP 2000 letter, or a forgotten filing of years past. TaxBit is here to help make taxes simple and straightforward, check us out today and click this link to save 10% off your plan.