Crypto Tax Filing Best Practices July 15 Extension Tax Audit Report Launched

A new crypto tax management report has been launched by Crypto Info Wire, highlighting the use cases for ZenLedger. It’s a powerful automation tool that handles tax liability and paperwork generation.

Crypto Info Wire has reported on the versatile ZenLedger cryptocurrency tax tool for accountants and investors in a detailed new guide. It highlights convenient tax tips for CPAs and details the benefits of the Bitcoin tax software that anyone can use.

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The new crypto tax liability report explains that many investors don’t know how to determine their crypto liability. Buying, selling, exchanging and staking crypto rewards can all impact tax returns, but this can be difficult to manage without insider experience.

Investing in digital assets has become increasingly popular in recent years, and the volatile financial market only heightens their appeal. Like precious metals, cryptocurrency provides a safe haven in an unstable environment. This leads to more investors buying and trading coins across multiple channels.

However, Crypto Info Wire highlights that it’s important for investors to keep up to date with their crypto tax liability. Although the tax deadline has been extended to July 15th, and further extensions are possible, any taxes due must still be paid.

For those who want a streamlined solution to their crypto tax management, ZenLedger simplifies the process. Users are able to reduce anxiety about IRS audits because their crypto portfolio is fully managed and catered for.

ZenLedger works with all major exchanges, and produces profit/loss statements for the user or their CPA. The automated system ensures that clients don’t overpay in taxes, and reduces the hassle of importing transactions.

Users can prepare important documents like capital gains reports, income reports, donation reports, and closing reports. ZenLedger is an official TurboTax partner, and automatically integrates with TurboTax desktop or online.

The newly launched report states: “According to the IRS, the sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods or services, or holding virtual currencies as an investment, generally has tax consequences that could result in tax liability. So, if you bought some bitcoin and exchanged it for tezos, you could have a tax liability even though you never converted the tezos back to dollars.”

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Release ID: 88956481