Software Firm CryptoTrader.Tax Releases New Crypto Tax Reporting Product to Help Tax Professionals

CryptoTrader.Tax software maker based in Missouri launches new program to help report cryptocurrency taxes to auto-generate client’s tax reports.

On Monday, November 25, 2019, Missouri-based software development firm, CryptoTrader.Tax announced the launch of its new tax professional suite. As per the press release, this stemmed into existence due to the lack of clarity among traders and professionals when it comes to reporting crypto-related taxes.

Ever since the U.S Internal Revenue Service (IRS) came to the realization that traders are heavily investing in cryptocurrencies, they’ve set up new guidelines for reporting purposes. The 2020 tax season supposedly marks a new chapter for cryptocurrencies. To be more specific, it has been shared that a crypto tax question will appear on 1040 Schedule 1, to which users will have to respond yes or no:

“At any time during 2019, did you receive, sell, exchange or otherwise acquire any financial interest in virtual currency?”

Co-Founder and CEO of CryptoTrader.Tax, David Kemmerer discussed heavily on crypto tax services. He notes that this new move on behalf of the IRS implies that tax professionals are required to have the crypto conversation with their clients and should be comfortable preparing their taxes. Given the gap in such tools, Kemmerer expressed excitement in launching this suite of tools. He said:

“We are excited to launch our crypto tax professional suite to provide a much-needed solution for these professionals.”

Speaking of crypto taxes, IRS not only came up some form of clarification for reporting crypto taxes but has also sent out over 10,000 letters to crypto owners reminding them of their tax obligations. That said, traders are now seeking softwares like that of CryptoTrader.Tax. As reported by Bitcoin.com, IRS’ new guidance resulted in traffic on sites like Beartax, Cointracking, and Tokentax.

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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