TaxToken

TaxToken Cryptocurrency Tax Software

TaxToken software makes it easier to complete IRS tax forms for cryptocurrency holdings and transactions

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By Block Society

TaxToken Software

In March 2018, the Internal Revenue Service released a reminder to taxpayers that virtual currency is reportable income in the United States.[1] The IRS clarified that cryptocurrency transactions require information reporting, wages paid in virtual currency are taxable and certain merchant payments using cryptocurrency are reportable.

To address the IRS cryptocurrency reporting requirements, TaxToken has created software that allows users to complete IRS tax forms and filings for cryptocurrency transactions. Users can import transactions from their digital wallets from platforms like Coinbase, Bittrex and Binnance.[2]


 

 

“The software automatically fills out forms 8949, D, 1040 and FBAR. Users can choose between aggressive and conservative tax strategies and use FICO or LIFO. “

                                                                             

The software can import trades, mining, ICOs and declare stolen and lost cryptocurrencies. Users can declare earnings and losses and review all imported transactions. Once the information is finalized, you can export the forms to TurboTax, H&R Block or your personal accountant.

TaxToken uses AI technology that organizations the imported transactions. The software automatically fills out forms 8949, D, 1040 and FBAR. Users can choose between aggressive and conservative tax strategies and use FICO or LIFO.

Currently, TaxToken supports more than 30 cryptocurrency exchanges and adds additional exchanges within a week if your exchange isn’t currently supported. They offer multiple plans, priced between $49 and $599 annually, as well as a free trial.

 

 

[1] IRS. 23 March 2018. IRS Reminds Taxpayers to Report Cryptocurrency Transactions. https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions.

[2] Tax Token. 2018. TaxToken. https://taxtoken.io/.

 
 

This Post Has 2 Comments

  1. Is this already up and running? can we start using it now?

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