Fri, August 19, 2022

Cryptocurrency owners and various products

Crypto market and regulations

The number of cryptocurrency owners is increasing, and many companies are willing to create new products to attract crypto owners.

In the U.S., the tax year is coming to an end; it means that crypto owners have to provide information about their crypto assets. One company called CryptoTrader.Tax created a new product, which will make it easier to deal with cryptocurrency tax reporting. CryptoTrader.Tax is a software company from the U.S. state of Missouri.

The purpose of the crypto tax professional suite is to help companies, as well as certified public accountants and other professionals. This software will provide a step-by-step process description. It means that it will be easier for companies to help their clients.

According to the software maker, its product allows us to automatically generate client tax reports by using transaction data imported into the CryptoTraderTax. Also, thanks to this software, companies will be able to manage multiple clients.

Cryptocurrency and IRSCrypto news on November 26

It is important to mention that the Internal Revenue Service released its guidelines regarding the crypto-based tax in October. Around 150 million U.S. taxpayers will have to answer the question regarding the crypto assets. This question is part of Form 1040. They have to reveal whether they sold or bought as well as exchanged any digital currency.

Based on guidelines, a U.S. citizen should pay tax if he or she either bought or sold the cryptocurrencies. Moreover, as mentioned above, even it comes to exchanging the digital coin, a person should still pay a tax. However, if someone received digital currency as a gift, they do not have to worry about a crypto-based tax.

David Kemmerer, who is a CEO and co-founder of CryptoTrader.The tax commented on this product. He stated that tax professionals should help their clients when it comes to dealing with crypto taxation.

They should not only ask their clients if they own cryptocurrencies or not, but also should handle crypto taxation for them. The good news about this new software is that is free of charge for tax professionals.

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