The CEO of Intuit Inc. Sasan Goodarzi has warned American investors to brace up for the year’s tax bill. According to Goodarzi, anyone who has invested in one speculative asset or the other — including Bitcoin, NFTs, and actively traded equities on commission-free websites could be shocked beyond words by the time the bills are out.
Per Blomberg reports, Goodarzi said in part during an interview;
“We’re gonna see a lot of that throughout tax season, where folks just didn’t understand what they did. And there’s a lot of millennials that really did a lot of trading without knowing what the implications are.”
The CEO went further to explain how most investors will be shocked when they finally come to the sudden realization of how much money they’ve lost or how much they now owe. He explained that this is because, in actual sense, they were gambling with their money.
Regulators Prepare To Move Aggresively on Digital Asset Traders
Meanwhile, regulators have also hinted at a potential aggressive move towards ensuring that those who purchased NFTs are taxed accordingly. This is despite the air of uncertainty surrounding how the sale or purchase of tokens will be correctly calculated by the Internal Revenue Service IRS. For example, reports are that NFTs could face a tax rate as high as 37%.
As it is though, the incoming tax code may end up benefitting some Bitcoin investors. This is because it could allow them to claim certain deductions over losses that could then be reinvested within a certain time frame. Nevertheless, many individuals — especially first-time investors, remain confused over whether they actually need to file at all or potentially face large tax bills.
Intuit To Help Investors
In all of the confusion, Intuit is prepared to help taxpayers make sense of their dues. The California-based financial software provider has been on a hiring spree for tax experts recently. With this, the company hopes to help tax filers online through a service known as “TurboTax Live.”
According to Goodarzi, the service “is the fastest growing platform we’ve ever had in the company’s history.”