Bitwage Rolls Out Tax Calculator Tool as IRS Ramps Up Crypto Pressure
Crypto payroll provider Bitwage and software developer Consultabit have added a new tax tool to their bitcoin investment calculator.
- 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 IRS – the U.S.’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.
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