Today, we are thrilled to announce that Fireblocks is integrating with TaxBit, the industry-leading cryptocurrency tax software, to streamline accounting and tax processes for financial institutions working with digital assets.
This industry-first partnership will provide all of our US-based institutional users with easy access to TaxBit’s tax and accounting platform.
New asset class, new tax & accounting needs
As crypto continues to grow in prominence, this asset class accounts for a larger share of many institutions’ total investments. That means it’s more important than ever for institutions to meet crypto compliance and reporting requirements – but, today, this is much easier said than done.
Current processes for crypto tax filing and reporting are extremely resource-intensive. Aggregating and classifying transaction data, for example, may be an entirely manual process. Legacy ERP systems were built on antiquated rails – delaying or prohibiting many institutions’ investment in the digital asset space.
To save time and ensure accuracy, crypto asset firms need automated solutions that integrate with their wallet and custody infrastructure. This enables easier preparation of documents for tax filing and reporting needs, including services ranging from aggregating tax information to facilitating 1099 filing and processes.
The changing tax environment for digital assets has presented a major challenge for institutions who want to enter into the market or scale their client base. With this integration, Fireblocks and Taxbit are solving a huge issue that’s bottlenecked institutions for years. We are excited to be among the first to benefit from the Fireblocks-TaxBit integration and believe the rest of the industry will soon follow suit.Zac Prince Founder and CEO
Integrating with the only enterprise tax platform for digital assets
Our new integration with TaxBit provides automated tax calculations built to optimize digital asset operations, enabling Fireblocks users to enjoy an end-to-end solution that integrates the full trading cycle with visibility on accounting and tax compliance.
The integration will enable streamlined access to enterprise-class tax and accounting solutions for the digital economy. In addition, the integration also provides institutions with visibility on the tax position of all assets custodied with Fireblocks in real-time, helping guide future trading strategies. The integration offers:
- Complete Corporate Accounting Suite (Accounting sub-ledger system and reporting for transacting, investing for digital assets held within Fireblocks infrastructure)
- 1099 Filing and Tax Information Reporting (Address all enterprise tax requirements across all activities in your Fireblocks workspace)
- Automated GAAP and IFRS Accounting (Ensure compliance with tax reporting system across your team)
- Enhanced Accounting Reporting (Create asset roll forward reports and source data for financial reporting and journal entries)
“We’re excited to be integrating with TaxBit to provide complex tax and accounting solutions for our US-based customers,” said Michael Shaulov, CEO of Fireblocks. “With the TaxBit integration, our customers can easily add tax compliance, enhanced reporting, and GAAP accounting to their digital asset operations.”
Interested in learning more about how Fireblocks and TaxBit are changing the standard for enterprise crypto tax processes? Connect with our global sales team anytime.