Coinbase is looking to make sure that apart from honoring outstanding tax due on crypto assets, consumers are also able to receive their tax refunds in crypto if they choose to.
The news comes after the Internal Revenue Service (IRS) made it very clear that in 2022 Americans would need to report any taxable income or holdings they have in cryptocurrencies.
Coinbase has made the new feature possible through TurboTax, a website that will enable people to receive their tax in 100 digital currencies, including stablecoins and mainstream options such as bitcoin, ethereum, litecoin and others.
The refunds will apply to both state and federal tax and will be converted automatically to guarantee seamless onboarding for participants.
Coinbase and TurboTax work together earlier to make it easier for people who are looking to report their tax holdings. Coinbase introduced a special feature to make tax submissions easier.
Overall, Coinbase wants to make it simpler for consumers to navigate their crypto assets and make sure that they report them accurately to the IRS.
The exchange even announced last year that it would allow people to begin receiving their checks in crypto without any additional fees.
While the US is still split on crypto regulation, some states such as Wyoming have been forging ahead with broader crypto regulatory bills.
The state is trying to become a “crypto capital” within the country, and it has shown a lot of keenness to enable crypto payments for retail vendors and even sports betting.