Crypto Tax Software Firm Taxbit Lays Off Almost 40% of Its Staff
Taxbit – a software company that assists cryptocurrency holders with tax compliance issues – has cut nearly half of its staff in an effort to re-expand in the U.K. and EU, the company told employees on Thursday.
The layoff applies to 80 people, representing 40% of the company’s total staff, piling onto the 15% of workers released last year. The announcement arrived the same day that the Utah-based firm’s co-founder and CEO, Austin Woodward, stepped down from his role to be replaced by former Intuit executive Lindsey Argalas.
Argalas joined Taxbit only a year ago, and her appointment makes her one of the few female CEOs of a major crypto firm.
“I'm honored to be in that position,” she said of her appointment, according to Forbes. “Ultimately, we are a software company that is solving a complex tax and accounting need.”
Meanwhile, Woodward will be moving into a different role: “This transition enables me to dedicate my efforts to nurturing strategic partnerships, fostering innovation and offering guidance to ensure TaxBit’s ongoing success,” he said.
Firms like Taxbit are especially important to the crypto industry, where tax laws continue to evolve and the regulatory climate grows harsher by the day. Last month, President Joe Biden took to Twitter to voice support for cutting “tax loopholes that help wealthy crypto investors.” The White House also pushed Congress to implement a 30% tax on Bitcoin miners across the country – though this appears to have been taken off the table amid debt ceiling negotiations.
Among Taxbit’s existing customers are major firms like PayPal, Google, Block, Fidelity, and Ralph Lauren – some of which hold crypto on their balance sheets on behalf of customers buying digital assets on the platform.
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