Libra Tax-BitPay Joint Press Release<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin payment processing company BitPay recently announced alliance with Libra Tax in the wake of the upcoming tax reporting session in the US. The deal enables BitPay to forward Libra\u2019s Bitcoin tax account service to its merchants, which include major companies like Microsoft and Overstock that started accepting the digital currency back in 2014. As per the IRS ruling on virtual currencies that came into effect the same year, the businesses and individuals were made liable to treat their Bitcoin profits\/losses like a usual stock or bond. This means that each and every of their sale\/exchange made with a digital currency needs to be taken into account at tax time. The Bitcoin-bases taxes however are applicable only when there are certain gains made from them. The only trouble merchants are prone to face is documenting these profits\/losses accurately to the tax authority, a thing which would likely worry a lot of digital currency merchants in coming days. \u201cIt\u2019s tax season,\u201d BitPay CFO Bryan Kohn elaborated, \u201cand if your business accepts crypto-currencies, like Bitcoin, then you need to get through the headache of reporting your bitcoin transactions to the IRS.\u201d He further advocated Libra\u2019s new software as a \u201cpainless\u201d solution for Bitcoin businesses when it comes to reporting transactions, saying that it is \u201cis an easy way to track Bitcoin transactions while staying compliant with the IRS guidelines.\u201d And Libra Tax indeed has hit a home run with their new and rather innovative tax solution software tool, Libra Business. This heavily coded application records transactions directly from the Bitcoin\u2019s public ledger \u2014 the blockchain, a feature that ultimately aids businesses\/individuals in recording their transactions easily and efficiently, without much human involvement. The new software further aids merchants in reporting capital gains\/losses to their local tax department. Source: Libra Tax-BitPay Joint Press Release<\/p>\n","protected":false},"author":50,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,704,773,793,965,2523,2753,11,3360],"class_list":["post-15514","post","type-post","status-publish","format-standard","hentry","category-news","tag-bitcoin","tag-bitcoin-regulation","tag-bitcoin-transaction","tag-bitcoin-wallet","tag-bitpay","tag-irs-bitcoin-tax","tag-libra-tax","tag-news","tag-payment-processing-bitcoin"],"acf":[],"yoast_head":"\n
BitPay Partners with Libra to Simplify Bitcoin Taxes Merchants<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n