Vanbex Labs just released a game-changer for accountants everywhere
Hot on the heels of the launch of Rocket 2.0 Sandbox, Vanbex Labs is proud to announce the launch of its latest software product, CryptoTaxes. CryptoTaxes is the first product to let the cryptocurrency world quickly and easily comply with Canadian tax law, letting accountants and other tax professionals take on all-new business. By automatically processing raw transaction data into properly formatted, fileable tax documents, CryptoTaxes actually makes it possible to serve crypto-enthusiast clients -- and help lock up an all-new market in the process.
Cryptocurrency Used to Be an Almost Impossible Tax Challenge
Leaving aside the short-lived period of ICO value-explosion, the primary reason to invest in cryptocurrency has always been the superior freedom and ease-of-use it can provide to investors. Cryptocurrencies were supposed to open previously closed structures of financial power and make previously onerous tasks easy -- most notably, the time-consuming paperwork of taxation.
Very quickly, however, the familiar shadow of regulation fell over the crypto-world and made the proper tracking and filing of taxes harder for crypto-investors than for traditional ones. Not only was there enormous ambiguity about what information investors needed for compliance, but the procedures for actually deriving and reporting that data were slow and incredibly labor-intensive. Most crypto-investors simply did their best on their own, knowing that they were probably in breach of something, but unable to do anything about it.
CryptoTaxes Makes Cryptocurrency Tax Compliance Possible
Simply put, CryptoTaxes takes care of the hard work of processing cryptocurrency investment and transaction data, meaning that tax professionals with dozens of clients to serve can finally consider adding crypto to their portfolio. We strive to require the minimum in manual data entry. doing as much as possible through our automatic processing of standard, easily used Excel spreadsheet files.
Because your CryptoTaxes working files are processed at our end before being immediately sent back to you, that processing is always up to date with the latest rates. You’ll never have to worry about accidentally referring to the wrong coin, or using an outdated standard.
Could Crypto-Investors Be an Accountant’s Easiest Clients?
It’s important to remember that while cryptocurrencies have been subject to a lot of regulatory headaches in the past year, they are still more easily-suited to tax compliance than the average investment. All cryptocurrency transaction data is digital in nature, and blockchain technology ensures that the raw information about dates and amounts remains visible and available in perpetuity. This makes checking your work uniquely possible, and even easy. When government tax bodies become more comfortable using the tools of the crypto world, this transparency may even lead to fewer, shorter audits.
Cryptocurrency has passed its honeymoon phase, but it’s still the hottest and most innovative investment product around. At least a large portion of the future of fintech lies with crypto, meaning that soon the only full-featured tax services will be those that can take it on.