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CryptoTrader.Tax for professionals has debuted. The publisher CryptoTrader.Tax said this week the application is designed to help tax professionals assist clients with cryptocurrency tax reporting.

The start-up company said the product was spurred by the inclusion of a question about cryptocurrency investments planned for the 1040 Schedule 1 for Tax Year 2019 returns. The question is the following:  “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

The Internal Revenue Service estimates roughly 12 million tax returns should reflect cryptocurrency investment.

The new software enables professionals to invite clients to create an account and import cryptocurrency trades. CryptoTrader.Tax will flag any missing cost basis. It generates reports can be downloaded and imported into tax preparation packages, including Intuit ProConnect, Drake Software, ATX and UltraTax.

CryptoTrader.Tax, which supports 35 crypto exchanges, generates an Audit Trail Report and will generate and auto-fill IRS Form 8949 with short-term and long-term gains from cryptocurrency trading for attach to returns. A dashboard is provided for managing clients and centralizing data.

Professionals can create accounts for free. Trading reports are available for Tax Years 2010 through 2018 with pricing based on the numbers of trades per year as follows: Hobbyist, $49 per season for up to 500 trades; ProTrade, $99 per season for up to 1,500 trades; High-volume Trader, $199 per season for up to 5,000 trades; Unlimited trades for $250 per season.  High-volume and unlimited customers receive priority support

CryptoTrader.Tax also has a tax loss harvesting tool built that can automatically identify which of an investor’s cryptocurrencies present the greatest loss harvesting opportunity.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Wednesday, 27 November 2019
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