Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto Tax Calculator Integrates with FTX Cryptocurrency Exchange to Assist Users in Tax Reporting

CryptocurrencyJul 08, 2021 11:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto Tax Calculator Integrates with FTX Cryptocurrency Exchange to Assist Users in Tax Reporting

Crypto Tax Calculator, a software designed to assist crypto investors and traders, has integrated its services with FTX crypto exchange. This integration will help FTX users to solve their tax reporting nightmare without much interaction with excel sheets. Notably, the Crypto Tax Calculator tax reporting services supports 21 jurisdictions, including the U.S. and Australia, amongst other prominent countries.

The move to integrate with FTX comes when tax authorities are narrowing down on crypto activity, warning crypto users to file their taxes per local reporting laws. One of the tax authorities that appears to be paying extra focus is the U.S Internal Revenue Service (IRS), which recently requested $32 million in its 2022 Fiscal Budget to strengthen crypto tax enforcement.

The IRS has gone to the extent of acquiring court orders to issue ‘John Doe’ summons to crypto firms such as Circle, which owns Poloniex exchange. According to IRS Commissioner Chuck Rettig, the move to issue John Doe summons is a step towards catching crypto tax evaders,

“The John Doe summons is a step to enable the IRS to uncover those who are failing to properly report their virtual currency transactions.”

A Seamless Way to Report Crypto Taxes

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

Some of the functionalities that FTX users will be able to access include automatic transaction sorting. Ideally, the crypto tax calculator software enables users to categorize crypto transactions according to various niches. This functionality comes in handy in an era where the crypto market is fragmented into multiple ecosystems such as Decentralized Finance (DeFi), Non-fungible tokens (NFTs) and Initial Exchange Offerings (IEO).

In addition, the crypto tax calculator allows users to generate financial reports dating as far as 2013. These reports are presented in an accountant-friendly format to enable users to consult with their local experts. Simply put, FTX crypto traders will be able to avoid the hustle of explaining their crypto transactions to a local accountant.

Apart from FTX, this crypto tax software supports other exchanges such as Coinbase, Bitfinex and Binance. The platform also features direct CSV and APIs, 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, the obligation to abide by the law is not an option. Tax regimes have existed time immemorial and are not about to become extinct anytime soon; after all, that’s how governments service their expenditure. With cryptocurrencies now in the picture, authorities have an opportunity to increase their collection.

That being the case, crypto users will be better off complying with their tax obligations. Softwares such as the crypto tax calculator are a perfect starting point to streamline reporting or keep proper records for future reporting references.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Crypto Tax Calculator Integrates with FTX Cryptocurrency Exchange to Assist Users in Tax Reporting
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email