What happened to Cryptocurrency today: Blockfolio and TokenTax seek to make the tax filing processes for cryptocurrency easier.
As the deadline for filing taxes for 2019 in the United States is in sight, declaring even traditional income can be quite tedious. The processes involved can be deemed lengthy.
One of the most significant challenges for digital currency holders in the US and other parts of the world is how to declare their digital assets and not violate the guidelines of the Internal Revenue Service (IRS) and other constitutional authorities.
Tax Season for digital currency holders simplified
The main goal of this partnership between Blockfolio and TokenTax is to simplify the digital currency taxation for US residents.
TokenTax is a platform for crypto investors that can analyze data from crypto transactions and generate the appropriate tax forms, while Blockfolio is a mobile cryptocurrency portfolio.
The integration of these two would enable users to keep track of their digital assets in Blockfolio, sign up for TokenTax, and immediately be given the option to import all their transactions.
TokenTax co-founder Alex Miles gave some insights. He said:
“One of the biggest time sinks for users is how they get their transactions into the Token Tax system. Given how many people already track their transactions in Blockfolio, an integration just made perfect sense.”
Being one of the leading networks for mobile cryptocurrency portfolio tracking and management, Edward Moncada, the CEO of Blockfolio, believes in the vast possibilities this partnership will birth. He said:
“We’re thrilled that through this integration and partnership, the already massively time saving TokenTax experience becomes even easier for our users.”
This integration implies that current Blockfolio users who have already registered their transaction data don’t have to repeat their work on the tax forms.