CoinLedger Partners with MetaMask to Simplify Crypto Tax Reporting Amid Proposed Mining Tax
Summary:
CoinLedger, a cryptocurrency tax reporting software platform, has announced a partnership with MetaMask, a web3 self-custody wallet provider. The collaboration offers MetaMask users enhanced functionality, enabling them to load their transaction history directly into CoinLedger's tax reporting software. This timely alliance ahead of the April 15th U.S. tax reporting deadline aims to simplify the taxing process and make the crypto ecosystem more accessible. Meanwhile, the Biden administration considers implementing a 30% excise tax on crypto mining over the next three years.
Tax reporting software provider for cryptocurrencies, CoinLedger, confirmed its collaboration with self-custody digital wallet source, MetaMask on March 18. MetaMask users will reap the advantages of increased user-friendliness and interaction due to the merger. As per a recent media note, customers connecting their accounts can conveniently import their transaction record into CoinLedger's tax reporting solution with just a single click, easing the stressful process of collating, translating and assembling tax reports from numerous accounts or wallets. CoinLedger's CEO and Co-founder, David Kemmerer, informed Cointelegraph that as a result of this partnership, MetaMask’s Portfolio now comes fully integrated thus, users' can seamlessly align their portfolio with CoinLedger and generate tax forms instantly within MetaMask Portfolio. Further, Kemmerer, in a media release, mentioned that simplifying the calculation and reporting of taxes would facilitate everyone's access to the crypto environment. This collaboration has arrived just in time considering the April 15th tax reporting deadline for most American taxpayers who have bought, received, sold, or gifted digital assets such as cryptocurrency, NFTs, or ordinaries, who are adapting to the dynamic financial climate. The range of professional perspectives varies greatly from acknowledging the urgency to regulate to prevent crypto organizations and significant individual investors from stretching the boundaries to stating that it's unfeasible for cryptocurrency enthusiasts to abide by the laws as they stand. At the policy-making level, the Biden administration is presently proposing a 30% excise tax for cryptocurrency mining. As recently reported by Cointelegraph, this pitch aims to impose the tax on any organization deploying computer resources to mine digital assets, whether leased or owned. The tax would be phased in over three years with rates starting at 10%, moving to 20% in the second year, and hitting the full 30% by the third year. As per Pierre Rochard from Riot Platform, mining firms would be taxed irrespective of the source of power, be it grid supply or off-grid assets like solar and wind energy. Related: In 2023, on an average, cryptocurrency investors gained $887, as per CoinLedger.
Published At
3/18/2024 8:00:00 PM
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