Libra is officially launching their first product today, LibraTax, which aims to be an all-in-one solution for individuals and businesses looking to simplify tax obligations when it comes to digital currencies.
Up until now, LibraTax has been in beta, and the service provides users tools to be in compliance with Internal Revenue Service (IRS) requirements, and also from governments around the world.
Also of interest, LibraTax integrates nicely with Coinbase and Blockchain wallets, making it easy to import transactions and calculate what is owed to tax authorities comes tax season.
In addition to the launch of the product, Libra also announces today that they have raised a $500,000 seed round led by Liberty City Ventures. Jim Pallotta, Ben Davenport, and other angel investors participated in the round.
The company will use the funds to further finesse their product, which has received a significant amount of attention from the cryptocurrency community since its announcement earlier this year.
Here in the United States, the IRS has previously issued a guidance suggesting that tax payers claim their bitcoin holdings as property for federal tax purposes. Not surprisingly, the guidance has not been met with widespread support.
LibraTax offers two tiers of service. The first is a free tier that allows up to 500 transactions (FIFO, LIFO, AVCO cost basis methods), and the second is a $19 premium tier that allows up to 5,000 transactions and something they are calling the “LibraTax Optimized” cost basis method.
For more information on the product, follow this link.