Payments firm Square will buy Credit Karma’s tax application for $50 million, according to a press release issued on Nov. 25.

• Square will buy the self-reporting tax filing service Credit Karma Tax on behalf of its Cash App
• The service will be made available to Cash App’s approximately million of Americans users for free
• The goal is to help Cash App’s growing user base deal with taxation more conveniently -- including Bitcoin, which is under the IRS’ scanner
• The acquisition is part of Square’s long-term strategic plans, as digital payments increasingly become the norm
• Square recorded $385 million in gross profit in Q3 2020, with Bitcoin sales amounting to $32 million -- 15x from last year; the company itself has invested in Bitcoin to the tune of $50 million