Following on from our first piece on crypto and tax, here is another useful article from ZDNet on popular cryptocurrency platform Coinbase introducing a new tax summary functionality. It will help customers keep track of capital gains or losses from trades in the form of a personal summary which can then be taken to an accountant or used with tax software, a seemingly great way to simplify the reporting process. Our last article emphasised the responsibilities of both investors and accountants when it comes to accurate reporting but it seems companies are increasingly rationalising the reporting process as well. Is this a useful tool for an accountant to have or is this an as yet unheard-of practice with no scope for future adoption?

Posted by Accountants' Club at 2022-02-03 11:51:59 UTC