CryptoTrader.Tax Launches a Crypto Taxes Reporting Software
Software developing startup CryptoTrader.Tax announces the release of its new product, a crypto taxes reporting software, called Tax Professional Suite.
As reported by the company, its new product is especially created to help tax companies, CPAs, all tax professionals assist their clients with crypto tax reporting in compliance with the tax guidelines set out by the US IRS, making the taxing process much easier.
Tax Professional Suite gives the possibility to auto-generate tax reports of the client, manage lots of clients, perform importing automatically.
In the previous month of the current year, the IRS launched a draft of the new 1040 Schedule 1 for the next tax season. Every American taxpayer completes this income tax form (there are around 150 mln taxpayers in the US). Now, updating the form, IRS included a question about crypto. The question is the following:
“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
As stated in the announcement by CryptoTrader.Tax, the United States IRS is expecting that approximately 12 mln tax returns should contain some form of crypto investment.
David Kemmerer who is the CEO and co-founder at CryptoTrader.Tax, underlined that besides saying they have had any crypto-related activities during the current year or not, taxpayers must be ready for crypto taxation as well. Kemmerer said:
“We are seeing that thousands of tax professionals are now looking for software tools to help them automate crypto tax reporting for their clients. We’re excited to launch our crypto tax professional suite to provide a much needed solution for these professionals.”
As CryptoTrader.Tax states, its platform already has thousands of users, processing around $10 billion of cryptocurrency transactions within the previous 2 years.