The final submission day of taxes in 2019 is just around the corner in the U.S., and it looks like the tax scrutiny would be prolonged even for the declaration of conventional revenue. And one major challenge is confronting the crypto assets holders. It is the way to proclaim their crypto resources and staunch IRS governance when it comes to taxpaying.
In the middle of such a dilemma for the US taxpayers, Blockfolio, along with TokenTax, is aspiring to make it easy for the crypto holders to pay taxes this year. TokenTax is an American portal for the crypto traders that captures and gauges the data through crypto transactions while generating viable tax types.
On the other hand, Blockfolio is deemed as a portfolio of cellular cryptocurrency. Through the integration of these two services from the companies, customers can analyze their crypto assets in Blockfolio, become a TokenTax member, and get instant choices to import their crypto transactions. The co-founder of TokenTax Alex Miles writes that:
One of the biggest time sinks for users is how they get their transactions into the Token Tax system. Given how many people already track their transactions in Blockfolio, an integration just made perfect sense.
Blockfolio explains in a blog post,
Blockfolio is fundamentally about letting you crypto more. We help you put all the details of all your portfolios in a single spot so you can spend less time tracking and more time learning and acting. So, when it comes to planning for tax season, we also want to help make it as painless as possible.
Blockfolio is one of the greatest cellular networks for the administration and monitoring of the cryptocurrency portfolio. The CEO of Blockfolio, Edward Moncada, says that they are more than thrilled to welcome this partnership and integration. She says that Tokentax is already a huge tax saving experience, and this deal makes just everything a notch easier for its customers.
The recent integration means that the current customers of Blockfolio who’ve entered their transaction knowledge already don’t have to repeat the hassle of finding the tax kinds. The cryptocurrency holders should, however, keep in mind that incorrect or dubious asset reporting for US taxes could lead to some major penalties in terms of fines and prison.