The tax preparation software from United States TurboTax Online has reportedly partnered with CoinTax LLC to have the ability to calculate crypto taxes and add to its services according to a press release that reached our digital currency news today.
The United States Internal Revenue Service (IRS) has recently opened a tax return filing and TurboTax will be also launching a section for crypto taxation that users who purchased the 2018 version of the software will be able to use the services.
This way, users can import all of the trading data directly from all the major crypto exchanges such as Poloniex or Coinbase and once the software does the calculation, all of the income reports and capital gains will be available for download directly into a Form 1040 Schedule D.
CoinTax owns an app named Bitcoin Tax that allows users to calculate capital gains and losses which in the end provide all of the important information to build the infrastructure of TurboTax. The CEO of CoinTax Colin Mackie strongly believes that this new section will make filing for crypto taxes much easier and time-saving.
In 2018, Ohio was the first US state to allow its residents to pay their taxes in Bitcoin. Starting in 2019, Coinbase provided resources about crypto taxation for all of the US customers which were really helpful for the crypto community.
Also, in October 2018, the IRS advisory committee urged the agency to provide further guidelines for cryptocurrency taxation.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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