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ARTICLE · 21 MAY 2019

Tax Analysis: New Crypto Tax Tools Available, New Disclosure Category Added

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2019 has seen significant developments in the crypto tax reporting tools and guidance available from the IRS on how to address previously undisclosed crypto assets.

United StatesTechnology
Nicholas C. Mowbray
Nicholas C. Mowbray
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2019 has seen significant developments in the crypto tax reporting tools and guidance available from the IRS on how to address previously undisclosed crypto assets.

A recent interview noted that reports from crypto exchanges likely lacked the requisite data points that a taxpayer needs to meet its U.S. tax filing obligations. The interview noted that certain tools allow taxpayers to aggregate all of a taxpayer's crypto asset transactions across all wallets and exchanges, effectively summarizing all transactional activity for 2018. Taxpayers can then use the report in filing their U.S. tax returns.

Several recent startups have worked to develop tools such as this but mainly for the use of fund managers and accounting firms. These specific tools are intended to comply with the American Institute of Certified Public Accountants' Service Organizational Control reporting standards, which will permit the startups to provide certified statements of crypto transactions

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