Tax documents for Strike Business accounts are issued in late January or early February for the previous calendar year if your business had taxable transactions. You’ll receive a 1099-B, which includes a cost-basis calculation using the HIFO (Highest In, First Out) method.

Transactions that are taxable events include:

• Selling your bitcoin for U.S. dollars
• Buying goods or services with your bitcoin or sending bitcoin to someone as a form of payment

Transactions that are generally not taxable events include:

• Buying bitcoin with U.S. dollars
• Sending bitcoin to your own external bitcoin wallet, or transferring bitcoin between your own wallets

Please note that Strike is not aware of your purpose when sending bitcoin–whether for payments, transferring to your own wallets, or paying employees. It is your responsibility to ensure that you make complete and accurate reports of bitcoin transactions to the IRS. At any time you can download your transaction history, including in CSV format via the Strike Dashboard to calculate your own cost basis.

Additionally, if your business received payments exceeding applicable IRS thresholds, a 1099-K will also be issued. All relevant tax documents are sent to the IRS. If you have any questions, please contact support@strike.me.