Zero Hash launches Tax Reporting Service
“We provide complete flexibility to allow end customers to optimize their tax positions through tax-loss harvesting. We take care of the state and federal filing for customers, 10 verifications, and other aspects of customer reporting obligations.”
Zero Hash is further enhancing the full stack of its digital asset infrastructure with the rollout of a Tax Reporting Service.
The new 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.
All platforms serviced by Zero Hash are able to provide their customers with 1099-B, 1099-MISC, and 1042-S documents for tax reporting purposes, beginning in the tax year 2021.
Optimizing end customers’ tax positions through tax-loss harvesting
Edward Woodford, Chief Executive Officer at Zero Hash, commented: “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. We take care of the state and federal filing for customers, 10 verifications, and other aspects of customer reporting obligations.”
Zero Has also helps customers generate performance statements in real-time whenever they wish to know what their cost basis on an asset was when they bought on a specific day.
The tax reporting service, which is powered by tax and accounting solution TaxBit, allows individuals to designate FIFO, specific identification, or tax-loss harvesting.
Zero Hash powers neo-banks, brokers, payment firms
Zero Hash is a B2B embedded infrastructure platform that allows any platform to integrate digital assets natively into their own customer experience. The turnkey solution handles the entire backend complexity and regulatory licensing required to offer digital asset products.
The firm 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.
Zero Hash is registered in the US with FinCEN and can operate in 51 US jurisdictions as a money service business, money transmitter, or virtual currency business and it holds a BitLicense charter issued by the New York Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.
The company’s client roster includes MoneyLion, Transak, Deserve, Step, MoonPay, DraftKings, and IG Group’s tastyworks.
24 Exchange has fully integrated with Zero Hash in order to offer its crypto trading for its institutional customers, which includes digital asset trading through non-deliverable forwards (NDFs).
It was in September 2021 that MoneyLion launched crypto, powered by Zero Hash for its cryptocurrency transaction and custody services.
Douugh, which has launched its beta version in Australia this week, is also a client of Zero Hash under a revenue share model. The firms have signed a partnership for an initial 3-year term with a 90-day notice period for termination by either party.
Wirex launched its services in the Unites States earlier this year, and like the others, the firm partnered with Zero Hash. Wirex offers non-custodial wallet and investment in DeFi protocol, Nereus.