Since the premier cryptocurrency, Bitcoin, reached and exceeded new heights this year, taxation has become a primal issue in the trillion-dollar crypto market. According to a recent Wall Street Journal article, the Internal Revenue Service [IRS] is clamping down hard on Americans who haven’t paid their crypto taxes.
With most state courts approving external audits of investors’ funds in exchanges like Kraken, Poloniex, etc, the conundrum, however, is the complex nature of remitting these taxes. Another major sticking point is the inability to accurately track all of your crypto holdings scattered across various trading platforms and wallets.
All of these obstacles have not only discouraged crypto holders but pose a huge problem to the IRS as they are unable to accurately track investors’ portfolios.
The proliferation of cryptocurrencies, in general, has opened up limitless opportunities for the development of various platforms and protocols seeking to quell the existing entry barriers. One of such platforms is ACCOINTING.com.
ACCOINTING.com — Solution to Crypto Taxing and Reporting Problems?
Ordinarily, crypto investors seeking to get meticulous stats and insights on their crypto trading activities would have to spend countless hours perusing and examining charts and data, making it a difficult task. ACCOINTING.com seeks to address this sticking point by offering them an all-in-one solution for all of their crypto trading needs.
It is a platform that takes care of all of an investor’s trading needs. Addressing the issue of the inability to conveniently track data and insights, ACCOINTING.com offers analytical insights with an outstanding customer care team.
Reviewing exchange information, wallets, and CSV’s to get data has proven over time to be a huge problem for most investors. ACCOINTING.com, through its advanced facets, is seeking to obliterate these obstacles by dispelling these major pain points; requiring two-factor authentication [2FA] all the time, filling up puzzles to access your accounts, identifying the right transaction information needed for evaluation, et al. By playing and plugging systems for all of your transactions, ACCOINTING.com eliminates stress by automating the entire process.
Connecting Over 300 Exchanges and Wallets
With most investors not getting real information from all of their trading data, ACCOINTING.com, as revealed on their website, will offer them an opportunity to connect over 300 exchanges and wallets through blockchains or API.
Available in both mobile and desktop, ACCOINTING.com helps crypto investors carefully analyze all of their trading performances in real-time and with an outstanding user experience. According to a press release, ACCOINTING.com has a customized dashboard with valuable information for a trader’s investment needs. It has a comprehensible view of your crypto holdings in a single glimpse.
Filing All of Your Crypto Taxes
On the ACCOINTING.com app, it takes approximately 5 clicks to get your cryptocurrency tax report. Per their website, this crypto tracking and analyzing website generates Form 8949 as well as a crypto tax report in less than five minutes.
While a few related platforms have been launched to efficiently track and analyze investors’ crypto trading, most are relatively expensive without any real valuable information or output. Walking an untrodden path, ACCOINTING.com prides itself as one of the most accessible platforms compatible for both mobile and desktop.
Besides offering traders an opportunity to file taxes, reducing the workload for the IRS, ACCOINTING.com per the website, offers valuable insight and information into the crypto world, ensuring that traders make good decisions and in turn larger profits.
With President Joe Biden’s new tax law said to have caused the massive decline in the price of the crypto market back in April 2021, filing crypto taxes and analyzing data via ACCOINTING.com will offer investors an opportunity to conveniently manage and examine their crypto holdings.