CoinLedger, a tech platform specializing in cryptocurrency tax reporting software, announced a partnership with web3 self-custody wallet provider MetaMask on March 18.
The partnership brings streamlined interoperability and functionality for MetaMask users. According to a press release, users who connect their accounts can now load their transaction history into CoinLedger's tax reporting software in a single click. This can alleviate the hassle of gathering, transposing, and combining tax reports from various accounts and/or wallets.
David Kemmerer, CEO and Co-Founder of CoinLedger, told Cointelegraph that this partnership brings full integration with MetaMask’s Portfolio offering:
“Users can now directly sync their portfolio with CoinLedger and then generate tax forms automatically directly from MetaMask Portfolio.”
In a press statement, Kemmerer added that “by reducing the friction associated with calculating and reporting taxes, we're making the cryptocurrency ecosystem more accessible to everyone."
The partnership comes not a moment too soon for digital asset owners/traders working within the MetaMask/CoinLedger ecosystem.
With the April 15th tax reporting deadline looming for most U.S. taxpayers, those who’ve bought, received, sold, or gifted cryptocurrency and other digital assets, such as non-fungible tokens or ordinals, are adjusting to the changing financial landscape.
Expert opinions seem to vary wildly between recognizing the need for a correction to prevent crypto firms and large individual investors from overextending the margins all the way to declaring it impossible for cryptocurrency aficionados to comply with the laws as written.
At the institutional level, the Biden administration is currently floating the idea of a 30% excise tax on cryptocurrency mining. As Cointelegraph recently reported, the proposal seeks to impose the tax on any firm using computer resources to mine digital assets.
This would apply whether firms owned the equipment and space or leased. The tax would be implemented over three years with the rate starting at 10%, increasing to 20% during the second year, and finally reaching the full 30% in the third year. According to Riot Platform’s Pierre Rochard, the tax would apply to mining firms regardless of whether they were pulling electricity from the grid or using off-grid resources such as solar and wind power.
Related: Crypto investors pocketed $887 gains on average in 2023 — CoinLedger
