Koinly to Help Revolut With Crypto Tax Reporting

Revolut and the provider of automated tax-reporting solutions, Koinly, have agreed to integrate the latter into the fintech company’s range of services.

\n\n\n\n

So, what’s @koinly? Koinly reports are designed to make filing your crypto taxes a breeze. By signing up through the app, you can get up to 60% off on your next tax report. Read more on our blog here https://t.co/8ouy9Txrxf

Read our full T&Cs here https://t.co/uUatAtUC0N

— Revolut (@RevolutApp) April 27, 2023

\n\n\n\n

After subscribing to the Koinly solution, the app automatically synchronizes crypto transactions for the necessary calculations.

\n\n\n\n

After registering, new clients of the service can expect a discount of up to 60%.

\n\n\n\n

The initiative was rolled out ahead of the United States tax-filing deadline at the end of April 2023. The fintech company warned of legal responsibility in the event that users fail to fulfil their obligations to the state.

\n\n\n\n

Koinly generates the corresponding reports but does not transmit information to authorities.

\n\n\n\n

In March 2023, The Wall Street Journal reported on President Joe Biden’s plans for the 2024 fiscal year to raise $24 billion in taxes from crypto investors.

\n\n\n\n

In September 2022 it became known that the IRS will issue invitations to appear before the agency for digital-asset users who do not report their income. This will be possible after a court order.

\n\n\n\n

Earlier, the U.S. Treasury issued updated guidance on taxation that clarifies the status of NFTs.

\n\n\n\n

Divly analysts estimated that 0.53% of crypto investors paid taxes.