Australian Crypto Exchanges Partner With Koinly to Simplify Tax Reporting for Users
With tax reports for crypto transactions being complex and time-consuming to prepare, Koinly said its service automates the process in just minutes.
The merger means Blockpit and Crypto Tax can look at taking their newly combined regtech offering to the lucrative U.S. market.
Citizens and companies in Zug will be able to pay up to $109,000 of their tax bill in either bitcoin or ether starting next February.
The Internal Revenue Service plans to make all income tax payers check a box indicating whether they have transacted in crypto over 2020.
The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms and, yes, such income is taxable.
The new tool comes as the IRS is sending more letters to crypto investors.