Flexa, BearTax team up to support crypto taxation reporting for customers

Friday 28 February 2020 09:41 CET | News

Flexa has been directing its customers towards BearTax’s smart-matching algorithm that will automatically prepare their gains and losses, as the deadline for filing 2019 taxes in the US is quickly approaching.

Payments network, Flexa is building a platform for users to pay for a large variety of consumer goods using cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether, Litecoin, and Zcash. So far, the network has enabled consumers to spend their US dollars on the blockchain without the price volatility associated with traditional cryptocurrencies, across an array of large US consumer retailers, according to the official press release.

However, given that the Internal Revenue Service classifies Bitcoin and other cryptocurrencies as property, each time a Flexa customer uses crypto to pay for consumer goods, this means calculating capital gains tax for every purchase.

Flexa customers will be able to upload the CSV report of their cryptocurrency transaction history, regardless of the amount or purpose of each transaction, and the BearTax platform will be able to detect such events and calculate capital gains or losses appropriately. Additionally, as BearTax connects with other exchanges and wallets, the transfers executed between wallets/exchanges and Flexa enabled apps can also be tracked and collated to present the complete cost basis of the assets spent.

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Keywords: Bitcoin, Bitcoin Cash, ether, Litecoin, ZCash, cryptocurrency, Flexa, taxation, US, BearTax, matching algorithm
Categories: DeFi & Crypto & Web3
Countries: United States
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DeFi & Crypto & Web3

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