Sunday, December 8, 2019

Coinbase Now Offers Updated Tools For Tax Calculation

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

The wallet and exchange giant, Coinbase, has announced today that they will provide an updated suite of tools to help users that reside in the USA to report and file their taxes to the IRS. The company is trying to use its enormous resources to ease the pain of tax calculation for its users.

They made the announcement in a post on their blog web page. There, it details the steps that users must follow to get their tax estimate; First, it is important to generate a complete report of all transactions made in the taxable period. In that way, you can have an integral view of all the operations made, (buying or selling).

Then, it advises to summarize reports for all exchanges and calculate your net earnings. It mentions two approaches: the FIFO approach (where you first assets bought are the first assets that are sold) and a second one based on identifying transactions individually. The interesting thing here is that if you only trade on Coinbase, it offers an automatic transcript made by a gain-loss calculator based on the FIFO approach.

Coinbase is trying to educate their users to file and pay their taxes, something that not much people do when they trade with cryptocurrencies. According to concerning reports, the estimate is that more than 95 percent of traders don’t file tax reports regarding cryptocurrency operations. Also, Coinbase has had a spotty relation with the IRS, the USA tax watchdog. Last year, Coinbase delivered the info of 13.000 of its top exchangers to the IRS, and advice them to prepare for legal actions individually. That was the result of a legal battle waged for months. So now Coinbase is, in one way or another, giving an example pushing users to report and file taxes, and helping them to do it right.

- Advertisement -
- Advertisement -

Latest News

Ethereum Price Weekly Forecast: ETH Reversal Could Unfold Above $158

ETH price is struggling to gain pace above the $152 and $158 resistance levels against the US Dollar. The price...

Bitcoin Weekly Forecast: BTC Won’t Go Quietly, Risk of Bounce Grows

After forming a base above $7,000, bitcoin price climbed above the $7,500 resistance against the US Dollar. The price is currently correcting gains and it...

Conceptual Study of Technology-led Startup Companies (or Insurtechs’) Within the Insurance Industry –

DUBLIN--(BUSINESS WIRE)--The "Insurtech: Fresh Legs for a Tired Industry" report has been added to's offering. The Report Includes: A conceptual study of technology-led startup companies...

Horizon8 Opens European Headquarters in Cork with Plans for up to 50 Jobs

CORK, Ireland--(BUSINESS WIRE)--Horizon8, an innovative, technology solutions company today opens its European headquarters in Cork, Ireland. Formerly called HengTian, the Company was created in...

Global Blockchain in Energy Market to 2024: Focus on Type (Public, Private), Components (Platform, Hardware), End Users (Power, Oil & Gas) –

DUBLIN--(BUSINESS WIRE)--The "Global Blockchain in Energy Market: Focus on Type (Public, Private), Components (Platform, Hardware), End Users (Power, Oil & Gas), Applications, Region, Stakeholder...