Coinbase users can now report their crypto taxes using CoinTracker
Filing 2020 taxes may be slightly less complicated for Coinbase users than it was before. With just three months until the deadline for United States citizens to declare their crypto gains and losses to the Internal Revenue Service, Coinbase is partnering with portfolio tracking and tax calculating platform CoinTracker to make the process simpler.According to CoinTracker, it's an easy way for Coinbase users to report their crypto transactions and sales. Targeted at U.S. users, CoinTracker will calculate and fill out the specific forms — for example, Form 8949 and Schedule D — to declare....
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The exchange said users could send the funds to their Coinbase accounts in fiat, or automatically convert it to crypto with no trading fees. Tax filing platform TurboTax is allowing U.S. filers to get their refunds directly in crypto as part of an arrangement with crypto exchange Coinbase.In a Thursday blog post, Coinbase announced users who filed their tax returns using TurboTax would have the option to receive any returns in cryptocurrencies like Bitcoin (BTC) and others supported on the platform. The exchange said users could send the funds to their Coinbase accounts in fiat, or....
Crypto tax reporting was a contentious topic in the U.S. last year as Congress passed the Infrastructure Investment and Jobs Act. Cryptocurrency portfolio tracker and tax calculator CoinTracker has attained “unicorn” status after raising $100 million in Series A financing, demonstrating once again that investors are allocating vast sums of capital toward crypto-focused companies. The Series A investment round was led by California-based venture capital firm Accel, with additional participation from General Catalyst, Initialized Capital, Y Combinator Continuity, 776 Ventures, Coinbase....
Once an IRS investigation or audit is opened, it’s too late to make amends, warn tax lawyers. The Tax Law Office of David W. Klasing, a boutique Californian tax firm, has issued a public release warning investors that the United States Internal Revenue Service is getting serious with Coinbase users. The firm’s dual-licensed tax lawyers and capital allowance specialists say they have been tracking an increase in IRS enforcement activity against Coinbase users who fail to comply with their tax and reporting requirements. Evaders can “end up facing serious civil and criminal trouble down the....
Cryptocurrency portfolio tracking platform CoinTracker raises $100 million in funding. The firm recently made this news to the public on 27th January. Investments derived by tech-tycoons and institutional investors have put the firm’s net worth to $1.3 billion. Crypto-oriented businesses have been gaining significant traction even in the bear market. This shows that investors are […]
Crypto holders in the United States, Canada and now Australia can generate tax reports using the exchange. Cryptocurrency exchange Crypto.com has launched a free tax reporting service for users based in Australia. In an announcement today, Crypto.com said it had tailored its existing tax services for United States- and Canada-based crypto users to allow Australians to accurately report cryptocurrencies on their taxes. The exchange said it worked with professional tax advisers to ensure that the service was consistent with laws for filing cryptocurrency taxes in the country.Crypto.com....