Gemini customers to gain automated tax reporting option

The Winklevoss twins’ Gemini cryptocurrency exchange will integrate TaxBit’s Tax Center Suite in the first half of 2021. The technology will allow clients to generate real-time tax-ready reporting in the format required by the Internal Revenue Service (IRS).

It’s never too early to start thinking about your crypto taxes. Excited to announce our partnership with @TaxBit to integrate their Tax Center Suite technology to help you automate and optimize your #crypto tax reporting!

Learn more on our blog: https://t.co/QibPEU7hyA

— Gemini (@Gemini) October 29, 2020

“TaxBit’s automation tackles the problem of calculating taxes on cryptocurrency trades,” said Tyler Winklevoss, co-founder of the Bitcoin exchange.

The Tax Center Suite functionality will allow users to control and reduce tax liabilities, or potentially increase tax refunds.

Winklevoss Capital, run by the Winklevoss brothers, is an investor in TaxBit.

In the Internal Revenue Service (IRS) Form 1040, the question about digital currencies was first placed on the first page of the document. Its new version requires residents of the country to report coin receipts arising from hard forks.

In July, ForkLog reported that the IRS planned to add tools to track anonymous cryptocurrencies.

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