Crypto portfolio manager and Bitcoin tax software CoinTrack has announced a partnership with crypto exchange Coinbase that will allow Coinbase users to easily manage their cryptocurrency taxes. The platform will help crypto holders on Coinbase to prepare their tax reports on crypto trades and sales.
The announcement also noted that Coinbase has made a strategic investment in CoinTracker. As a result of the partnership, filing 2020 crypto taxes will be less complicated than it was before for Coinbase users.
Unsurprisingly, the partnership is coming three months before the deadline given by the U.S. tax authorities for citizens to declare their crypto losses and gains to the U.S. Internal Revenue Service.
CoinTracker will help users record their crypto transactions
CoinTracker says it wants to be the leader in the crypto tax compliance space. It also wants to consolidate on the $3 billion in crypto assets it has tracked, as well as the 125,000 customers who believe in the company’s mission.
As the IRS is about to set a new law that mandates every crypto trader to present their transaction gains and losses, tax professionals and cryptocurrency users may need the help of crypto tax software to easily calculated their transactions. CoinTracker is hoping to solve this problem for Coinbase users from the exchange’s Taxes & Reports page.
The CoinTracker product will be available for all Coinbase users with a taxable crypto event and wants to calculate and file their taxes. Presently, without an appropriate crypto tax calculating software, it will be more difficult for most users to calculate their crypto taxes via cryptocurrency exchanges.
But with the CoinTracker software, users can send their transactions to CoinTracker from Coinbase and Coinbase Pro and calculate their crypto taxes easily.
IRS clamps down on crypto users
The software is useful for calculating and filling out specific tax-related forms, such as 8949 and Schedule D, for the declaration of assets, losses, and capital gains on income tax returns.
It can further be utilized by accountants and individuals or as a part of tax-filing software such as TurboTax.
Chandan Lodha CoinTracker co-founder commented on the integration, saying it will ensure a “one-click integration,” as it will allow users to calculate crypto gains and losses on the platform.
In November last year, a report revealed that the IRS will clamp down on Coinbase users who do not comply with the crypto tax requirements. When the crypto tax law goes into effect in three months, it will become a tax fraud if any user fails to provide details on their tax returns to tax authorities.
Someone paid $4,480 for an XRP transaction
Crypto Twitter was abuzz over the fact that someone spent about $,480 for an XRP transaction. A tweet from the Flare Community drew attention to a transaction that took place a few days ago. An unidentified user paid over 10,000 XRP worth more than $4K for a transaction on XRP Ledger. The community published the tweet in response to an XRP enthusiast who spotted a 1.04 XRP transaction fee on XRPL.
Flare network explained that fees on the #XRPL can be set programmatically, however, they were not sure why “someone would burn XRP unnecessarily.”
This was not the only XRP transaction to make news. Over the past 24 hours, significant amounts of the crypto were moved between leading exchanges and wallets.
According to crypto tracking firm Whale Alert 30,999,980 XRP, worth $13,481,945, at the time, was transferred from an unknown wallet to Coinbase. In total, 66 million XRP coins, worth $30 million, were moved.
The XRP transfers occurred between Coinbase’s wallets internally. It must be noted that on 30 December 2020, Coinbase announced that it has halted XRP trading, in the aftermath of US Securities and Exchange Commission lawsuit against Ripple. Trading XRP was expected to be fully suspended on Tuesday, January 19, 2021. However, traders can withdraw and access XRP in their Coinbase wallet even after the suspension.
Whale Alert tracked another interesting transaction, which is a part of a settlement between Ripple and its former CTO Jed McCaleb. Over 6 million XRP worth $277,683,138 was transferred from “Jed McCaleb Settlement” wallet to his TacoStand address, on 2 March.
The former Ripple chief, who has been actively selling his XRP stash, apparently has more than 2 billion XRP remaining in cold storage. According to one analyst, if McCaleb continued to sell large amounts of XRP from his wallet, he will deplete his wallet by May.
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NFTs Are Going Mainstream Fast
To say there’s too much money floating around at the moment would be the understatement of the year.
We can see it in the incredibly high valuations in the stock market overall, which is trading at about 40 times its price-earnings ratio.
Alternatively, we can drill down to specific companies like Tesla, which even after the recent dip, is still trading at more than 1,000 times the value of what those shares are actually worth.
It seems like investors are basically willing to throw money at anything that has a ticker, regardless of what that thing might actually be worth.
Don’t get me wrong, the free market is the ultimate dictator of price, but the discovery mechanism is clearly being distorted right now by global central banks who seem determined to ensure that prices keep moving up, regardless of how the economy is doing.
The latest target of this phenomena is most peculiar indeed. In fact, it is a central bank. …
Technically, there’s absolutely no reason for this sudden jump in share price, as is explained in the article, but here we are. Capitalism is now a joke. At least it’s a funny one.
I’m pretty darn sure this is the first time I’ve ever screen captured anything involving Paris Hilton, but here it is. …
It doesn’t get any more mainstream than this.
Although, it’s a bit difficult to understand Kim Dotcom’s comment about the empowerment of artists, especially in the light of Beeple, who simply doesn’t seem satisfied with his share of what the market is willing to pay for blockchain-enabled ownership of digital art.
As I write to you today, I’m listening to the three-hour stream of the confirmation hearing for Gary Gensler, who has been nominated to chair the U.S. Securities and Exchange Commission.
It’s extremely doubtful that I’ll get through the entire thing, and even though these events are usually a snooze-fest, this one has a lot of very important information about how Gensler, if confirmed, will approach the regulation of financial markets and digital assets.
Meanwhile, last night, The Chicago Board Options Exchange made its latest attempt to obtain approval for the first bitcoin exchange-traded fund to be available on a U.S. exchange.
As we know, Jay Clayton, former chair of the SEC, was vehemently opposed to such a vehicle, saying that the market simply wasn’t ready. The SEC went on to deny about half a dozen such filings.
Parsing Gensler’s statements today, it certainly seems that he’ll give it a more serious consideration than Clayton did.
If we can learn from Canada, where the world’s first bitcoin ETF was just launched to much fanfare and explosive volumes, it’s quite clear that the market is certainly ready for such a product.
Back in March of 2017, when the Winklevoss twins made the first attempt at a bitcoin-backed ETF, the market was wondering whether approving one of these funds, which would allow investors to purchase bitcoin without incurring the security issues of holding coins, or deal with the regulatory uncertainty of buying from an exchange, would be a catalyst for hedge funds to start making purchases.
Today, however, we’re not lacking any particular catalyst. Hedge funds are already buying. Bitcoin does not need any catalyst. As Gensler pointed out in his hearing, bitcoin is the catalyst.
Frankly, I’m not sure what an ETF really adds at this point. It’s only a matter of market share and who gets to rake in the fees for selling bitcoin to Wall Street. That’s not a race that most of us have any horse in, unfortunately, but it’s still fun to watch.
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