LibraTax Partners with BitPay to Streamline Merchant Reporting

LibraTax has partnered with BitPay to streamline the calculation of tax obligations for supported merchants.

Launched last year, LibraTax's solution says to automate the reporting of digital currency transactions for tax purposes. Supported digital currencies include Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ripple's XRP. The software is capable of importing transactions directly from the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, and with some user imports, can optimize tax obligations.

Until now, Libra's partners consisted mainly of digital currency exchanges and wallet providers. These integrations can assist in, for example, calculating the capital gains/losses by bitcoin traders.

With the BitPay integration, merchants can have their actual sales figures imported and their tax obligations automatically calculated in fiat-based terms.

The IRS's March 2014 ruling deemed virtual commodities as property, not currency, which introduces an additional layer of complexity to every bitcoin-based transaction. Said Jake Benson, LibraTax founder:

"Essentially, any transaction involving Bitcoin is a realization event that triggers a reportable gain or loss."

Libra's packages are priced at $19, $49 and $99 for its regular, business and pro offerings, respectively.

There are also future plans to integrate with Zero, Quickbooks and other accounting software.