On Oct. 22, Bitwala, a German Licensed Bitcoin Banking Service App, announced its new integration with CryptoTax, an entity that assists crypto users to adhere to yearly tax declaration deadlines.
Bitwala asserted that crypto tax headaches would become a thing of the past based on the introduction of CryptoTax that is deemed the brand new tax remedy.
The new integration would enable Bitwala users to enclose cryptocurrency statements with their tax reports. This process will be as easy as attaching a PDF-file to an email. Additionally, the banking service offered will be the first-ever to integrate crypto tax reporting solutions to users directly through an app.
Bitwala’s co-founder and CEO/CTO, Benjamin Jones, noted:
“Taxation is a part of life, and cryptocurrencies are not exempted. Both trading gains and losses impact your tax balance, yet most cryptocurrency exchanges fail to provide any tools for proper reporting.”
Bitwala customers in all 31 nations of the European Economic Area (EEA) will enjoy the fully compliant and ready-for-use tax statements for any transaction. Additionally, Swiss and German taxpayers will be availed with country-specific tax reports, whereby all legal requirements will be met.
On the other hand, Bitwala’s CEO, Klaus Himmer, said, “Even tax advisors are struggling with reporting cryptocurrency trades to the tax authorities the right way. With CryptoTax, standardized reports leave no room for ambiguity. Bitwala customers will be the first to benefit from our solution, which makes the taxation of cryptocurrencies as user-friendly as possible.”
Image via Shutterstock