Big Four firm
The agreement will see TaxBit's software platform bolstered by Deloitte's technical tax knowledge and system implementation experience. The two companies will also work together to develop compliance processes for digital asset transaction-level reporting and risk mitigation.
The organizations entered the alliance in response to upcoming requirements that digital asset activity be reported on Forms 1099 starting next year.
"Any company that facilitates crypto transactions must immediately consider how they will remain compliant with the new digital asset transaction and cost basis tax reporting requirements," said Rob Massey, tax blockchain and digital assets leader with Deloitte Tax, in a statement. "Deloitte’s alliance with TaxBit offers a unique opportunity that combines our 10 years of tax technical experience in the digital asset space with TaxBit’s market-leading software. We see this as a huge win for our clients who are seeking a solution they can implement now, and we are thrilled to continue leading the market by offering it first."
