With more countries now accepting cryptocurrencies as taxable assets, a new blockchain company, TaxToken, has officially launched to help crypto taxpayers “streamline their cryptocurrency accounting.”
In a press release announcing the launch of the startup today, TaxToken explained that it is a blockchain-as-a-service (BaaS) company that seeks to change crypto tax accounting.
The firm uses both artificial intelligence and blockchain technology to automate most of the crypto tax filing process to achieve a “quick, easy and error-free filing.”
The co-founders of the new company believe that the current tax filing process for cryptocurrency is flawed, and this has made things difficult for crypto taxpayers as they have to hire expensive accountants while keeping meticulous records of all their crypto receipts.
The idea behind TaxToken, however, is to eliminate this undue burden and expensive process of filing crypto taxes just as co-founder Nathan Nichols rightly explained.
TaxToken was founded on one principle – it shouldn’t be difficult to file your cryptocurrency taxes. TaxToken is humbled and excited to officially launch our cryptocurrency accounting software and play our role in developing the blockchain ecosystem. Our vision is a secure, precise, and automated tax preparation process that takes the burden off taxpayers.
TaxToken’s tax solutions are in auto-sync with customer cryptocurrency exchanges and wallet addresses while providing a tool that will enable easy importing of trading histories, airdrops, ICOs, mining fees, fork, and even stolen or lost digital currencies.
Users will be able to see a complete overview of their transactions on the TaxToken platform before the filing begins. Users will also be able to download “auto-filled tax forms” that they can export to any preferred filing system such as TaxAct, TurboTax, and H&R Block.
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