CoinTracking.info, the leading platform for cryptocurrency tracking and crypto tax reporting, has announced the addition of new features to its software, to make it easier for cryptocurrency traders to file their tax reports correctly, according to a press release shared with BTCManager on March 18, 2019.
CoinTracking.info Gets Even Better
Accurately reporting profits and losses for tax purposes has become crucial for cryptocurrency traders and investors, since various financial regulators across the globe are now hunting down crypto tax evaders.
At the same time, the entire procedure has also become a smart thing to do, as cryptocurrency traders who experience a net loss in their trading activity could be eligible for large tax deductions.
CoinTracking.info, the creators of the highly functional software that analyzes trades and cryptocurrency transactions of blockchain-based virtual currency holders and generates accurate reports on profit and loss in real-time, has announced the addition of new features to the platform.
A Brief Overview of the Update
Per the team, the addition of new accounting methods, improved API support, streamlined deposit/withdrawal reconciliation, and a new Internal revenue Service (IRS) form 8949 attachment option to the CryptoTracking tax calculator makes it more user-friendly and more efficient for both the crypto newbie and expert traders alike.
Calculating how much owed in taxes can be an arduous task for most cryptocurrency traders, especially if the trader in question deposited crypto gifts, mining rewards or payments for services into the same cryptocurrency wallet used for placing trades.
CryptoTracking helps users overcome this challenge by providing them with hassle-free data management.
Easier Deposit/Withdrawal Reconciliation
For traders who use just one crypto wallet for all their crypto-related activities, including depositing mining rewards, proper identification of each transaction can be a complex task, particularly if the trader fails to keep a record of each deposit the moment it is made.
However, a new tool called “Missing Transactions” makes it possible for traders to seamlessly identify any outstanding deposits or withdrawals without using a spreadsheet.
To accurately reconcile all deposits and withdrawals, a user only needs to connect his or her crypto wallet or exchange account to CoinTracking, import all relevant data and run the report.
Scan and Eliminate Duplicate Transactions
Another ease-of-use improvement added to CoinTracking is the duplicate transaction checker called “Duplicate Transaction.”
As the name implies, this excellent tool scans through the entire data imported by the user to find out if the trader mistakenly entered in a transaction twice.
Excellent API Support
Since cryptocurrency exchanges change their Application Programming Interface (API) regularly, keeping up with these updates requires a high level of commitment that other crypto tax calculators lack.
For instance, Bitfinex, Binance, and HitBTC recently tweaked their APIs and CoinTracking has also updated its API import feature accordingly.
CoinTracking has also gone the extra mile to add API support for Cobinhood, BitMEX, itBit and several other crypto trading venues and exchanges.
Less Paperwork for U.S.-Based Crypto Traders
Previously, U.S.-based CryptoTracking users had to go through the stress of exporting multiple 8949 forms if the number of trades executed exceeded the number of lines on the page.
However, with the new update, users can opt to add an attachment to the form 8949 instead.
Users also have the option of grouping all their cryptos into just one transaction line, drastically reducing all paperwork.
DrakeSoftware, a complete professional tax preparation system for filing federal and state tax returns as well as business and individual taxes, has been integrated into CoinTracking, enabling users to generate all the essential paperwork for their tax returns effortlessly.
In her words:
“I have used over 20 different crypto tax software, and CoinTracking is the best by far. I have used CoinTracking to prepare crypto gain & loss reports for over 100 clients, and it has been able to handle every type of trader.”
Walter also noted that she has “worked with crypto traders who have complete and perfect data and some who have lost half of their data or aren’t able to access it anymore, and CoinTracking has worked perfectly for all of them. In addition to being able to create the profit and loss report for taxes, CoinTracking also provides useful reports on unrealized gains and losses, current holdings, balances per exchange and other critical data I frequently use for tax planning purposes, to help my clients reduce their tax liability now and in months and years to come.”
CoinTracking Now Comes with ACB and HRMC
Adjusted Cost Basis (ACB) is the default accounting method that the Canada Revenue Agency (CRA) requires Canadian residents to use while determining capital gains or losses for income tax purposes.
Also, the HRMC accounting method which is the standard for British residents has been included in the new update.
“Our commitment to upgrading and improving CoinTracking has boosted our reputation in the cryptospace since 2014, attracting more than 370,000 users to our platform,” declared the CoinTracking team.
Support for Report Auditing
CoinTracking’s new Roll Forward Report feature allows users to quickly audit their tax report, to make sure it’s error free before it gets submitted.
This is paid content. BTCManager does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice. BTCManager and its employees are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.