Navigating Crypto Tax Reporting: A New Tool from CryptoTrader.Tax

CryptoTrader.Tax Launches Innovative Reporting Software

The Missouri-based software company, CryptoTrader.Tax, has unveiled a fresh product tailored to ease the pain of cryptocurrency tax reporting just in time for the 2019 tax season. With the IRS breathing down the necks of roughly 150 million American taxpayers, this software comes as a timely intervention in the labyrinth of crypto compliance.

Auto-Generating Tax Reports: A Game Changer for Professionals

The freshly minted crypto tax professional suite from CryptoTrader.Tax is like the Swiss Army knife for tax professionals dealing with client transactions. It simplifies the importing of crypto transaction data and presents a smooth, user-friendly interface to auto-generate tax reports. This isn’t just handy; it’s essential. Tax professionals can manage multiple clients and automate the importing process, making tax season slightly less of a headache.

IRS Guidelines: What You Need to Know

With the IRS’s new guidelines, tax season is now an adventure filled with questions like: “Did you sell, send, or exchange any virtual currency?” This means that about 12 million tax returns might just feature a crypto investment or two. Let’s be honest, no one wants to raise their hand and admit they have no clue how to report their Bitcoin capital gains.

CEO Comments: The Shift in Tax Professional Demand

David Kemmerer, the CEO and co-founder of CryptoTrader.Tax, has taken note of the soaring demand for automation in relation to crypto tax reporting. “Thousands of tax professionals are now on the lookout for software tools that can peel back the layers of crypto complexities,” he shared, expressing excitement over the launch of their suite.

The State of Crypto Reporting

Despite the growing interest in cryptocurrencies, a mere 0.04% of tax filers declared capital gains from crypto in 2018. However, the landscape is changing, as participation in the crypto market continues to swell. In fact, the percentage of Americans owning cryptocurrencies surged from 7.95% in 2018 to a whopping 14.4% in 2019. Clearly, the desire is there; we just need the means to report it properly.