American Coinbase customers can get support from TurboTax software from Intuit Consumer Tax Group for paying taxes, as reported by CoinDesk.
On January 22, Tuesday, Coinbase and TurboTax Premier reported on the merger to allow Coinbase and Coinbase Pro customers to pay taxes directly to TurboTax Premier.
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Taxation of cryptocurrency exchanges and TurboTax Premier
As you know, TurboTax Premier is a software for making payments from the Intuit Consumer Tax Group company. The software was developed for the preparation of tax returns for both individual consumers and large companies.
According to the Coinbase Exchange representatives, all customers of the platform can simultaneously download up to 100 tax-payment transactions. Payment integration will be implemented directly through the Coinbase online platform or its Android and iOS applications.
Using TurboTax Premier, crypto-exchange customers can count on advice, support and additional information. That is, the program will help to correctly file a tax return for the last year. Customers who need additional assistance can contact certified public accountants or registered agents on Intuit.
Recall that Intuit Consumer Tax Group is an American company that has been developing software to support small and large businesses, prepare accounting reports and tax documents, as well as other business-related processes for more than 20 years. Intuit is headquartered in California.
"(...) not every cryptocurrency transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details is a taxable event, so we have a lot of recommendations to help you understand and choose which transactions are taxed while you are in TurboTax Premier." – from the TurboTax message.
In addition to working with TurboTax and CoinTracker, Coinbase noted that it also launches a tax resource center and will soon publish the "Crypto and Bitcoin Taxes in the US" guide. Coinbase representatives also reported that "the exchange is not authorized to give tax advice".
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Coinbase cryptocurrency platform will integrate the TurboTax application for taxes. Recall that in the US there is a law on taxation of exchange transactions of digital assets.
Editor: Yulia Krasnaya