Missouri Firm Launches New Software For Reporting Crypto Taxes

Tax has launched a new product facilitating cryptocurrency tax reporting.

As the 2019 tax year comes to an end, the software is designed to help firms, certified public accountants and professionals counsel their clients about reporting their taxes from crypto in accordance with the tax guidelines set out by the United States Internal Revenue Service.

Tax announced the news in a press release on Nov. 25.The new tool allows to auto-generate client's tax reportsThe newly released crypto tax professional suite by CryptoTrader.

Tax provides step-by-step process description for importing crypto transactions by clients, as specified on the website.

Tax CEO: there's an increased demand for automating crypto tax reportingDavid Kemmerer, CEO and co-founder CryptoTrader.

"We're seeing that thousands of tax professionals are now looking for software tools to help them automate crypto tax reporting for their clients. We are excited to launch our crypto tax professional suite to provide a much needed solution for these professionals."

Tax already has thousands of users on its platform to date and has processed over $10 billion of crypto transactions over the past two years.

The new software is free-to-use for tax professionals, the report notes.

0.04% of tax filers reported capital gains from crypto in 2018On Oct. 9, 2019, the IRS issued its guidelines for crypto-based tax reporting.

According to a study by Credit Karma Tax, data released ahead of the close of the preceding tax year indicated that just 0.04% of tax filers were reporting capital gains from crypto investments to the IRS. Meanwhile, the number of Americans who own crypto reportedly almost doubled in 2019, from 7.95% in 2018 to 14.4%, according to a new survey published in October.