Bitwala, a German licensed bitcoin banking service app, today announced a new integration solution with CryptoTax. Now, for users of Bitwala, enclosing statements on cryptocurrencies with their tax report will be as simple as attaching a PDF-file to an email.
“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. With the integration of CryptoTax, Bitwala customers no longer have to worry about reporting their trades.”
– Benjamin Jones, CEO/CTO, and Co-Founder at Bitwala
Available for all 31 countries in the EEA
Starting with the tax year 2019, Bitwala customers in all 31 countries of the European Economic Area (EEA) will benefit from ready-for-use and fully compliant tax statements for all transactions. German and Swiss taxpayers will receive country-specific tax reports meeting all legal requirements.
Based on the expertise that the CryptoTax’ solution provides, the individualized reports can be easily passed on to be processed by tax accountants or directly handed over to tax authorities. For the tax year 2019, the creation of tax reports will be free of charge for Bitwala users.
Even tax advisors are struggling
“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..”
– Klaus Himmer, CEO and Co-Founder of the Munich-based firm
For EEA residents outside of Germany and Switzerland, CryptoTax will produce elaborate generic tax reports, which can serve as a solid foundation for reporting taxes in the respective jurisdictions. Progressively, CryptoTax will include more EEA countries to optimize taxation by the click of a button.
CryptoTax is a brand of 21 Consulting GmbH. The Munich-based start-up is offering tax reporting solutions and other regulatory declaration services for private and institutional crypto investors as well as outsourcing and white-label services for financial service providers dealing with blockchain-based assets.