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Bitwage Rolls Out Tax Calculator Tool as IRS Ramps Up Crypto Pressure
The new tool comes as the IRS is sending more letters to crypto investors.
Updated May 9, 2023, 3:11 a.m. Published Aug 26, 2020, 9:05 a.m.
Crypto payroll provider Bitwage and software developer Consultabit have added a new tax tool to their bitcoin investment calculator.
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- Announced Wednesday, the new tax add-on will help crypto investors stay on top of their reporting obligations by providing an estimate of federal taxes due on their bitcoin gains.
- The calculator presents a total owed to the Internal Revenue Service (IRS) based on amounts invested, annual income and marital status.
- Additionally, Bitwage and Consultabit have added a button allowing investors to view their gains and taxes on one-time purchases.
- The tax calculator feature comes at a time when the Internal Revenue Service – the U.S. tax agency – is ramping up efforts to stop suspected avoidance on crypto investment tax, even against the advice of its own watchdog.
- Bitwage and Consultabit launched the bitcoin dollar cost average calculator in January.
- The payroll provider enables employers to pay their workers in bitcoin and several other cryptocurrencies as a way to quickly move money across borders.
- It recently added payments in the USD coin (USDC) stablecoin, linked to the price of the U.S. dollar, allowing users to avoid the volatility associated with other supported cryptocurrencies.
See also: US Lawmakers Don’t Want Proof-of-Stake Networks to Get Overtaxed
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