BitPay Partners with Crypto Tax Software ZenLedger
BitPay, the world's largest provider of Bitcoin and cryptocurrency payment services, has announced a partnership with crypto tax software company, ZenLedger.
BitPay users can sync wallet transactions directly from within the app to ZenLedger's intuitive tax software. With just a few taps from the BitPay app, ZenLedger will automatically calculate cost basis, fair market value, gains/losses and tax-loss harvesting for a user's transaction history.
New and current BitPay app users will also receive 20% off their annual subscription to ZenLedger tax software services. Included in the subscription is free access to ZenLedger's tax-loss harvesting tool. Tax-loss harvesting is the process of selling crypto that experienced a loss and using those losses to reduce ordinary taxable income by up to $3,000 per year.
"Our partnership with ZenLedger offers a simple solution to the sometimes complex process of calculating tax liabilities associated with spending cryptocurrency," said Stephen Pair, CEO of BitPay.
ZenLedger is the IRS' sole source provider of forensic accounting and taxation software for cryptocurrencies. It is designed specifically for crypto users to calculate tax liability for every crypto transaction. With an easy three step process, crypto users can import transactions, ensure reports are accurate and download tax forms to make filing simple and thorough.
"Crypto payments are a leading driver of industry adoption, which is why we launched a partnership with BitPay to accept crypto at ZenLedger," said Pat Larsen, CEO and Co-Founder of ZenLedger. "Being able to come full circle and offer our services to Bitpay customers makes the entire end to end user experience faster, easier, and helps to save users money on their taxes."