CHICAGO, June 21, 2022 (GLOBE NEWSWIRE) -- Zero Hash is pleased to announce the rollout of its Tax Reporting Service to further enhance the full stack of digital asset infrastructure. The new tax reporting functionality allows customers who have bought/sold, been rewarded crypto, and earned or staked digital assets to optimize their tax position through cost basis reporting tools, including First-in-first-out or specific identification. In addition, beginning in the tax year 2021, Zero Hash has also allowed all platforms that it services to provide their customers with 1099-B, 1099-MISC, and 1042-S documents for tax reporting purposes.
Zero Hash enables businesses to launch digital assets within their existing environments with low technical lift and no regulatory burden. Zero Hash powers neo-banks, broker-dealers, payment groups, and non-financial consumer brands to offer digital assets. Clients include MoneyLion, Transak, Deserve, Wirex, Step, tastyworks, and DraftKings.
“Our enhanced functionality enables our clients to abstract the complexities of the tax reporting for end customers. We provide complete flexibility to allow end customers to optimize their tax positions through tax-loss harvesting,” said Edward Woodford, CEO. “We take care of the state and federal filing for customers, 10 verifications, and other aspects of customer reporting obligations,” added Mr. Woodford.
In addition, customers can generate performance statements in real-time. For instance, if the Zero Hash customer wants to know what their cost basis on an asset was when they bought on a specific day, they can generate a report showing the price performance over the elapsed period. Additionally, it gives the individual, the end retail customer, the capability to designate FIFO, specific identification, or tax-loss harvesting.
Zero Hash’s enhanced tax solution is powered in part by TaxBit, the leading tax and accounting solution for the digital economy. TaxBit's compliance infrastructure is a critical component of the Web3 ecosystem enabling companies to be compliant at scale with ever-evolving regulation landscape across tax, accounting, and information reporting.
About Zero Hash
Zero Hash is a B2B embedded infrastructure platform that allows any platform to integrate digital assets natively into their own customer experience quickly and easily (a matter of API endpoints). Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer digital asset products.
Zero Hash powers neo-banks, broker-dealers, payment groups, and non-financial consumer brands to offer digital asset trading and custody, crypto-backed rewards, round-ups programs, and the ability to earn crypto through staking and DeFi. Clients include MoneyLion, Transak, Deserve, Step, MoonPay, tastyworks, and DraftKings. Zero Hash is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.
Zero Hash Holdings Ltd. is a Delaware C-Corp that wholly owns Zero Hash LLC and Zero Hash Liquidity Services LLC. Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash also holds a virtual currency license from NYDFS. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.
Connect with Zero Hash on LinkedIn, or visit www.zerohash.com for more information.
Zero Hash Contact
Edward Woodford
(855) 744-7333 Ext: 102
edward@zerohash.com
media@zerohash.com
