Blockpit: The Perfect Tool to Declare Your Cryptocurrencies

cryptonews.com:

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

The rise of the crypto industry has brought with it an inevitable and relatively unpleasant consequence for cryptocurrency users and investors: the attention of regulators, particularly in the area of taxation. As tax departments in many governments continue to work on creating a regulatory framework around the taxation of crypto industry activities, it's probably time for investors to anticipate potential tax filing headaches and look into solutions that could make this process as easy as possible. One of the most reliable applications existing on the market has been developed by Blockpit. Before explaining the many features of this application, let's start with an overview of the tax situation in the US and the UK.

Just in the past year changes in crypto tax reporting and regulations have undergone a lot of changes.  Below we’ve listed the IRS’s requirements for reporting digital assets. 

“A transaction involving virtual currency includes, but is not limited to:

IRS - Virtual Currency Reporting 

More information on cryptocurrency taxes in the US can be found here. 

In the UK, cryptocurrencies reporting requirements are a bit different.

Please refer to the UK government website:

https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto10100 

Here’s a quick guide on basic guidelines for cryptocurrency taxes in the UK. For more information on these points, you can find an in-depth guide here.

“Key Points on UK Crypto Tax

UK Crypto Tax

Blockpit AG was founded in August 2017 with the mission of providing every individual with a simple tool to report their taxes while having the confidence that they are being reported