Cryptocurrency payment services platform BitPay on Wednesday announced a new partnership with ZenLedger, a crypto tax software company, which will enable its users to easily calculate their tax liabilities by syncing their wallet transactions directly from within the app to ZenLedger’s tax software.
According to a press release shared with Benzinga, ZenLedger software will automatically calculate the cost basis, fair market value, gains/losses, and tax-loss harvesting for a user’s transaction history.
Additionally, users of the BitPay app can receive a 20% discount on their annual subscription to ZenLedger tax software services.
The subscription also includes free access to ZenLedger’s tax-loss harvesting tool, which allows users to sell crypto that experienced a loss and use those losses to reduce their taxable income.
BitPay CEO Stephen Pair said the partnership with ZenLedger offers a simple solution to the complex process of calculating tax liabilities associated with spending cryptocurrency.
According to BitPay, ZenLedger is the IRS’ sole source provider of forensic accounting and taxation software for cryptocurrencies, and it is designed specifically for cryptocurrency users to calculate tax liability for their transactions.
Pat Larsen, CEO, and Co-Founder of ZenLedger said that the partnership with BitPay will help to save users money on their taxes, and make the entire end-to-end user experience faster and easier. Through the partnership, BitPay users can now benefit from a streamlined crypto tax reporting process, ensuring compliance with regulatory requirements, he added.