Crypto Tax Calculator integrates with FTX Cryptocurrency Exchange to help users report taxes by DailyCoin

Crypto Tax Calculator Integrates With FTX Cryptocurrency Exchange To Help Users With Tax Reporting

Crypto Tax Calculator, software designed to help crypto investors and traders, has integrated its services with the FTX crypto exchange. This integration will help FTX users solve their tax filing nightmare without much interaction with Excel sheets. Notably, Crypto Tax Calculator’s tax filing services support 21 jurisdictions, including the United States and Australia, among other important countries.

The decision to integrate FTX comes as tax authorities curtail crypto activity, warning crypto users to file their taxes in accordance with local reporting laws. One of the tax authorities that appear to be paying close attention is the US Internal Revenue Service (IRS), which recently requested $ 32 million in its 2022 tax budget to strengthen the enforcement of the crypto-tax.

The IRS has gone so far as to acquire court orders to issue “John Doe” summons to crypto firms such as Circle, which owns the Poloniex exchange. According to IRS Commissioner Chuck Rettig, the decision to issue a summons to John Doe is a step towards catching crypto tax evaders,

“John Doe’s summons is a step in enabling the IRS to uncover those who are incorrectly reporting their virtual currency transactions.”

A transparent way to report crypto taxes

With the authorities on the heels of crypto stakeholders, it is becoming clear that the long-term game will be tax-compliant ecosystems. Solutions like the Crypto Tax Calculator have been designed to specifically fill this gap. The platform’s integration with the FTX crypto exchange will expose users of the exchange to transparent tax reporting services.

Some of the features that FTX users will be able to access include automatic sorting of transactions. Ideally, crypto tax calculator software allows users to categorize crypto transactions according to various niches. This feature is useful in an age when the crypto market is fragmented into several ecosystems such as decentralized finance (DeFi), non-fungible tokens (NFT), and initial exchange offers (IEO).

In addition, Crypto Tax Calculator allows users to generate financial reports as far back as 2013. These reports are presented in an accountant friendly format for users to consult with their local experts. Simply put, FTX crypto traders will be able to avoid having to explain their crypto transactions to a local accountant.

Besides FTX, this crypto-tax software supports other exchanges such as Coinbase, Bitfinex, and Binance. The platform also offers direct CSV and API files, which allow users to integrate data from hundreds of sources in the crypto ecosystem, including digital wallets and native blockchain networks.

Conclusion

While many crypto users may be tempted to avoid taxes, being required to follow the law is not an option. Tax regimes have been around since time immemorial and are not going to end anytime soon; after all, this is how governments manage their spending. With cryptocurrencies now in the picture, authorities have an opportunity to increase their collection.

However, crypto users will have an interest in complying with their tax obligations. Software such as the Crypto Tax Calculator is a great starting point for streamlining reporting or keeping proper records for future reporting references.

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Esther L. Steinbach

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