HitBTC and Uphold Add CryptoTrader.Tax’s Tax Filing Solution

Two major crypto exchanges - Uphold and HitBTC - integrated support for CryptoTrader.Tax on their platform to ease the calculation process of gains and losses from crypto trading.

Founded in 2017, the Missouri-based tax software Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term focuses on crypto tax-related solutions. With its integration on the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term platform, users can now easily export trade data to create tax reports.

Commenting on the development, David Kemmerer, co-founder and CEO of CryptoTrader.Tax, said: “We're excited to be adding Uphold and HitBTC to the growing list of exchanges that we support. Simply import your cryptocurrency trades into the platform. The software will automatically crunch your capital gains and losses numbers and generate the necessary tax documents including the IRS form 8949.”

The taxation platform says that it has tens of thousands of users and has processed over $1 billion in digital currency transactions. The company has also integrated with Intuit TurboTax to step up its tax reporting capabilities.

Crypto taxation - a major issue

Crypto taxation has become one of the key focus areas in the US market. Though the US Internal Revenue Services (IRS) released guidelines regarding cryptocurrency taxation, it did not cover all cases, which put traders in an uncomfortable situation.

Major firms are also pushing hard for proper crypto tax laws as it has become one of the key issues for various crypto lobby groups, Finance Magnates reported recently.

Meanwhile, ahead of the last tax filing season, many major exchanges integrated tax calculation support. Earlier this year, Coinbase partnered with TurboTax on both its retail and professional platform to ease tax filling process. Big four audit firm Ernst & Young also launched an accounting and taxation tool to facilitate accounting and tax calculations for cryptocurrency transactions for both retail and institutional investors.

However, the companies are not only confined to taxation filings as BitPay recently partnered with Refundo to facilitate federal and state tax refunds in Bitcoin for the United States’ taxpayers.