Nobody likes thinking about taxes, but it’s something that you have to keep an eye on as the regulatory environment surrounding cryptocurrency continues to shift. In an effort to continually support our users and make life easier for them, we have partnered with TaxBit to offer Metal Pay and Proton users free cryptocurrency tax computations through TaxBit’s new crypto tax software.
If you’ve ever tried to report your cryptocurrency transactions to the IRS, you know how confusing it can be. Figuring out what was a profit, what was a loss, and what transactions are reportable can mean the difference between a successful tax filing and receiving an audit or fine from the IRS. As we move towards what is expected to be a new regulatory requirement in 2023, the necessity for proper crypto tax reporting will only grow.
At Metal, we care about our users and strive to continually find new ways to support them with compliance. For that reason, we’ve secured free crypto tax computations for our users through a strategic partnership with the TaxBit Network. Now it’s even easier for our users to become regulatory compliant and sleep soundly at night.
The computations offered by TaxBit to our users are self-reporting, which means that the detailed report is given to you, not to the IRS. Once you receive your Metal Pay or Proton crypto tax report from TaxBit, it’s up to you to then file that information alongside your other tax information with the IRS before their usual deadlines. For Proton users specifically, you will be able to generate a report from TaxBit Network worldwide!
As our CEO Marshall Hayner explained in an op-ed in The Hill, keeping careful track of your own cryptocurrency transactions is a great way to shut out scammers, money launderers, and any other bad actor who wants to abuse the amazing technology that cryptocurrency offers. In fact, cryptocurrency promises to be even more safe than regular fiat cash – an idea that will take time for some people to get used to.
Additionally, our CFO Irina Berkon commented on the new partnership with TaxBit stating that; “Cryptocurrency investing will only see growth if compliant financial and tax reporting exists. That’s why Metal Pay and Proton are announcing a partnership with TaxBit to accelerate the industry forward.”
You can expect to see more information about how this will work, and how to receive your free Metal Pay or Proton crypto tax report through TaxBit, as we get closer to the 2022 tax season. Until then, be sure to follow us on social media to get the latest updates on all things Metal, you won’t want to miss what’s coming next.
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