U.S. markets closed
  • S&P 500

    4,111.08
    -25.40 (-0.61%)
     
  • Dow 30

    33,891.02
    -34.99 (-0.10%)
     
  • Nasdaq

    11,887.45
    -119.50 (-1.00%)
     
  • Russell 2000

    1,957.72
    -27.82 (-1.40%)
     
  • Crude Oil

    74.43
    +0.32 (+0.43%)
     
  • Gold

    1,880.60
    +1.10 (+0.06%)
     
  • Silver

    22.30
    +0.06 (+0.26%)
     
  • EUR/USD

    1.0728
    -0.0068 (-0.63%)
     
  • 10-Yr Bond

    3.6340
    +0.1020 (+2.89%)
     
  • GBP/USD

    1.2021
    -0.0036 (-0.30%)
     
  • USD/JPY

    132.6050
    +1.4550 (+1.11%)
     
  • BTC-USD

    22,751.43
    -197.04 (-0.86%)
     
  • CMC Crypto 200

    527.84
    +2.70 (+0.51%)
     
  • FTSE 100

    7,836.71
    -65.09 (-0.82%)
     
  • Nikkei 225

    27,693.65
    +184.19 (+0.67%)
     

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 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

Related Stories