BingX integrates CoinTracking to offer tax reporting

This strategic partnership aims to provide BingX users with a streamlined solution for tracking their crypto investments and generating accurate tax reports.

CoinTracking is a crypto portfolio tracker and tax software that offers a user-friendly interface and a range of features that allows users to track their cryptocurrency portfolios, monitor real-time market prices, and generate accurate tax reports. By syncing BingX trading accounts with CoinTracking, users can import their transaction data, including trades, deposits, and withdrawals. The platform automatically categorizes and calculates the taxable events, eliminating the need for manual data entry and reducing the risk of errors.

With the integration of CoinTracking, BingX users now have access to a tool that simplifies the process and ensures compliance with tax regulations that continue to change. CoinTracking helps users generate detailed reports for capital gains, losses, income, and other taxable events.

Streamlined tax reporting

Being able to accurately generate tax reports is a feature that more users are looking for, and companies are starting to move into that field. Mobile payment service Cash App recently partnered digital asset tax and accounting provider TaxBit to streamline tax reporting.

Through this partnership, TaxBit helps Cash App to provide the necessary crypto tax forms to the Cash App users who have bought or held Bitcoin since 2019. TaxBit’s software solution helps users navigate the complexities of crypto tax compliance and reporting. Furthermore, company can help taxpayers understand their capital gains and losses by providing the necessary Form 8949 for free. 

The TaxBit network was launched in 2021, and in 2023 it announced the acquisition of digital asset accounting startup, Tactic. The acquisition helped TaxBit in its efforts to create a streamlined accounting sub-ledger that can save businesses hundreds of hours in digital asset management and reporting. 

In March 2023, another player, TrueCommerce partnered with Sovos to equip customers with solutions for electronic trading, supply chain visibility, and VAT compliance. The partnership offers EDI (Electronic Data Interchange) and e-invoicing solutions with full tax compliance.