taxbit

ChainCatcher news, according to Bloomberg, the IRS has hired former Binance.US executive Sulolit "Raj" Mukherjee and former vice president of crypto tax software company TaxBit, Seth Wilks, as consultants.The IRS stated that the two will help lead the agency's cryptocurrency compliance and enforcement efforts.IRS Commissioner Danny Werfel said, "Leveraging private sector expertise in collaboration with the IRS team is essential for successfully conducting work involving digital assets and helping us operate in a way that is suitable for everyone."

ChainCatcher news, according to The Information citing informed sources, cryptocurrency tax software company TaxBit has laid off 80 employees, nearly 40% of its total workforce. Last year, TaxBit laid off about 15%.ChainCatcher previously reported that, according to Forbes, TaxBit's CEO Austin Woodword has stepped down and will serve as chairman of the board, while COO Lindsey Argalas has been appointed as the new CEO.According to cryptocurrency data platform RootData, TaxBit is a leading tax and accounting solution for the tokenized economy. TaxBit enables widespread adoption of digital assets by overcoming regulatory barriers through large-scale automation of tax and accounting compliance. TaxBit's platform serves top exchanges, institutional investors, governments, and individuals in the industry. In August 2021, TaxBit announced the completion of a $130 million Series B funding round, with a valuation exceeding $1.3 billion. (source link)

ChainCatcher news, according to Forbes, cryptocurrency tax and accounting provider TaxBit's CEO Austin Woodword has stepped down and will serve as chairman of the board, while COO Lindsey Argalas has been appointed as the new CEO.According to data from the cryptocurrency platform RootData, TaxBit has previously completed $240 million in funding, with a valuation of $1.33 billion in August 2021. (source link)

ChainCatcher news, cryptocurrency tax and accounting provider TaxBit announced the acquisition of competitor Tactic, which is a digital asset financial accounting platform that offers streamlined accounting ledgers. The specific terms of the deal have not been disclosed.Tactic founder and CEO Ann Jaskiw stated that as part of the transaction, Jaskiw will join TaxBit as a member of its leadership team. Additionally, according to the cryptocurrency data platform RootData, Tactic announced the completion of a funding round last September, led by FTX Ventures, with participation from Lux Capital, Exponent Founders Capital, Definition Capital, Coinbase Ventures, and others. (source link)

ChainCatcher news, according to Blockworks, a Binance spokesperson stated that the accounting firms PwC, Deloitte (DTT), KPMG, and EY are unwilling to conduct reserve proof audits for private crypto companies. After Mazars suspended its services for cryptocurrency clients, Binance has reached out to several large firms and is still looking for companies willing to take on this work.It is reported that Deloitte is currently collaborating with Coinbase to provide audit and accounting services, while EY has partnered with crypto tax and accounting technology provider TaxBit. (blockworks)