CryptoTrader.Tax, a software platform for automated cryptocurrency tax reporting, has announced that it is partnering up with Coinigy, the largest cryptocurrency trading terminal with hundreds of thousands of traders using its software. The partnership will provide Coinigy users with an automated and streamlined way to import all of their historical crypto transactions into the CryptoTrader.Tax platform to then generate necessary tax reports with the click of a button. These reports can be taken to a tax professional or imported into popular tax filing software like TurboTax.
It’s no secret that the IRS has been making strides in the realm of cryptocurrency tax enforcement. In 2019, they updated their official cryptocurrency tax guidance for the first time in five years, sent out 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 transacted with cryptocurrency during the year. This increased enforcement has crypto enthusiasts actively searching for tax automation solutions like CryptoTrader.Tax to make the crypto tax reporting process easier.
William Kehl, President of Coinigy spoke about the partnership: “We’re excited to be partnering with CryptoTrader.Tax this season as they’ve demonstrated an in-depth understanding of our customers’ tax needs with regards to proper reporting of cryptocurrency-related income. We’re proud to associate with such a professional and responsive team.”
In the U.S., the official start of tax season is Jan 27th, which is when the IRS will start accepting e-Filed tax returns. The IRS estimates that roughly 12 million returns should contain some form of cryptocurrency income.
“Coinigy is one of the most highly respected companies amongst cryptocurrency traders and investors” 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 Coinigy users.”
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