CryptoTrader. Tax, an automated crypto-currency tax reporting software platform, has announced it is partnering with Gatehub, a popular Ripple wallet and gateway.
The partnership will provide Gatehub users with an automated and streamlined way to import all of their historic crypto transactions into the CryptoTrader. Tax platform by clicking on a button to generate the tax reports required. You can take these reports to a tax professional or import them into popular tax filing software like TurboTax.
IRS has made progress in the cryptocurrency and bitcoin tax enforcement domains. In 2019, they updated their official cryptocurrency tax guidance for the first time in five years, sent more than 10,000 warning letters to suspected cryptocurrency investors and added a new question to 1040 Schedule 1, which now asks all American taxpayers if they had transacted with cryptocurrency during the year. This increased enforcement has crypto enthusiasts actively looking for solutions to tax automation, such as CryptoTrader. Tax.
Tax season is in full swing in the U.S. with the deadlines coming April 15. The IRS estimates that some form of cryptocurrency income should contain roughly 12 million returns.
“Gatehub has built a powerful XRP wallet and gateway that is used globally” said David Kemmerer, Co-Founder and CEO of CryptoTrader.Tax, “We are excited to be working alongside their talented team to bring an easy, streamlined tax reporting experience to all Gatehub users.”
Cryptolydian reported recently that, the US Internal Revenue Service (IRS) is hosting a summit to discuss the tax implications of crypto early this March. However, meaningful clarification on the treatment of bitcoin is not expected as the agency continues to leave unanswered tax issues surrounding the asset.
In an attempt to crack down on tax evasion in the crypto sector, the United States ‘ main revenue service is looking to meet industry leaders. The IRS is set to hold a meeting at its headquarters in Washington, DC, where important topics will be discussed about taxing the crypto industry.