As per reports, Fintech Revoult included automatic tax reporting facilities for its users, due to the decreasing rate of cryptocurrencies under the influence of the global tax authorities, stated Cointelegraph.
Fintech Revoult, a digital financial services company, has collaborated with Koinly, a cryptocurrency tax solution platform, to enable users to create cryptocurrency tax reports, added Cointelegraph. It is believed that Revoult users can link their cryptocurrency transaction records with Koinly to boost their tax calculations.
“Many crypto traders have multiple exchanges and wallets, meaning keeping tax records is a nightmare. With strict and onerous record-keeping requirements globally, crypto tax software saves time and automates tax reporting,” Danny Talwar, head of tax, Koinly, added further.
Furthermore, Talwar mentioned that the cryptocurrency tax service could help citizens of the United States take advantage of“tax loss harvesting,” Cointelegraph concluded.
(With insights from Cointelegraph)