In the U.S., 2019 tax filing deadline is getting closer. However, the process may be long even for the ones who declare traditional income. Declaration of cryptocurrency assets without running into conflict with the IRS is among the biggest challenges for cryptocurrency holders in the United States and beyond.
Due to this challenge, both Blockfolio and TokenTax are attempting to ensure that it becomes easier for United States residents. TokenTax is a platform for cryptocurrency investors capable of analyzing data from cryptocurrency transactions and generating the right tax forms.
Blockfolio is a mobile crypto portfolio. The integration of these two could help users in tracking cryptocurrency in Blockfolio, register with TokenTax, and instantly offered the option to import all their transactions.
According to the joint founder of TokenTax, Alex Miles, the means to getting transactions into the Token Tax system is among the greatest time sinks for users. Such integration is quite sensible based on the number of people already tracking their transactions in Blockfolio.
The CEO of Blockfolio, Edward Moncada, in agreement said the firm is excited about this integration and partnership as it has made things easier for its users who are already enjoying massive time saving.
The meaning of this integration is that it is not necessary for the current Blockfolio users who have already entered their transaction data to repeat their work on tax forms. However, crypto holders should not forget that false or incorrect reporting of assets on their US taxes can result to fines.
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