Blockfolio and Token Tax Collaboration Aims at a Simple Tax Filing Process
The 2019 tax filing deadline is fast approaching in the U.S. Even for those who declare traditional income; the process is still long. Crypto holders in the United States and beyond face declarations of cryptocurrency assets issues without conflict arising with the IRS. As a result, both Blockfolio and Token Tax are making efforts to ensure the simplicity of United States residents’ process.
TokenTax is a platform where crypto investors can analyze data from cryptocurrency transactions and generate the right tax forms. Blockfolio is a mobile crypto portfolio. The integration will assist users in tracking cryptocurrency in Blockfolio, register with TokenTax, and offers the option of instant importing of all transactions.
Alex Miles, a joint founder of TokenTax, said that getting transactions into the Token Tax system is among the most incredible time sinks for users. Such integration makes sense given the number of people already tracking their transactions in the blockfolio.
Edward Moncada, CEO of Blockfolio, said the company is delighted with the integration and partnership because it has made it easier for customers who are already enjoying tremendous time savings.
The essence of this integration is that current Blockfolio users who have entered their transaction details do not need to repeat their tax forms. However, crypto holders should remember that assets that misreport assets on U.S. taxes can result in fines.