(Newswire.net — July 14, 2020) — Crypto Info Wire launched a new report on 2020 crypto tax filling best practices, offering an overview of an accessible automated tax calculator software and a series of expert recommendations for investors and CPAs.
Crypto Info Wire, a website specializing in professional cryptocurrency investment resources, released a new report on how to use an accessible software to streamline the crypto tax filing process. The new resource is aimed at cryptocurrency investors and CPAs interested in accessible way to accurately calculate due crypto taxes and automatically generate various IRS reports.
More details can be found at https://cryptoinfowire.com/zenledger.
The latest announcement comes after the IRS has extended the crypto tax filling deadline from April 15th to July 15th. This means that crypto investors can take the time they need to ensure accurate tax filling and avoid costly penalties of up to $250,000.
According to the new report, cryptocurrency is considered property by the IRS, making it similar to a real estate or equity investment. Taxpayers who have had crypto transactions owe short- and long- term capital gains. Taxes are also deducted from conversions, as well as crypto buying and selling.
To eliminate the risk of any tax filling errors, both crypto investors and CPAs are advised to use a professional crypto tax software such as ZenLedger.
The online tool features an automated process allowing for the convenient importation of all crypto transactions, accurate gains and income calculation, and automated tax form generation.
ZenLedger also provides an intuitive CPA interface allowing accountants to easily calculate crypto taxes for their clients. With automated downloadable IRS reports such as Schedule 1 and Schedule 2 forms, FinCen 114 reports and many others, the software is ideal for the accurate and convenient calculation of cryptocurrency taxes.
The report explains that the software works with euros, dollars, pound sterling and other currencies, and is fully compatible with over 300 changes and a variety of coins.
A satisfied client said: “I thought I had a handle on my limited crypto trading for 2018, but I was wrong. ZenLedger gave me a valuable education in what is really required for tax reporting and made it very easy to gather the necessary records. The software did all of the work from there. I highly recommend this product!”
Interested parties can find more information by visiting the above-mentioned website.