BitPay partners with Crypto Tax Software ZenLedger
BitPay users access ZenLedger’s tax loss collection tool to offset tax liabilities and receive a 20% discount on their annual subscription
ATLANTA, 22 February 2023 /PRNewswire/ — BitPaythe world’s largest supplier of Bitcoin and cryptocurrency payment services, has announced a collaboration with crypto tax software company ZenLedger.
BitPay users can sync wallet transactions directly from 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, gain/loss and tax-loss accrual for a user’s transaction history.
New and current BitPay app users will also receive a 20% discount on their annual subscription to ZenLedger tax software services. Included in the subscription is free access to ZenLedger’s tax-loss collection tool. Tax-loss harvesting is the process of selling crypto who experienced a loss and use these losses to reduce ordinary taxable income by up to $3000 per year.
“Our partnership with ZenLedger offers a simple solution to the sometimes complex process of calculating tax liabilities associated with expenses cryptocurrency,” so Stephen PairCEO of BitPay.
ZenLedger is the IRS’ only provider of forensic accounting and tax software for cryptocurrencies. It is designed specifically for crypto users to calculate tax liability for each crypto transaction. With a simple three-step process, crypto users can import transactions, ensure reports are accurate and download tax forms to make filing easy and thorough.
“Crypto payments is 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 complete the circle and offer our services to Bitpay customers makes the entire end-to-end user experience faster, easier and helps save users money on taxes.”
About BitPay
BitPay was founded in 2011 and is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive and store money. The business solutions eliminate fraudulent chargebacks, reduce the costs of payment processing and enable borderless payments in cryptocurrencyamong other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Card, enabling them to turn digital assets into dollars for spending by tens of thousands of businesses. The company has offices in North America, Europeand South America and has raised more than 70 million dollars in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group and Aquiline Technology Growth. For more information visit bitpay.com.
About ZenLedger
Founded in 2017, and built by industry veterans in technology, finance and accounting, ZenLedger aggregates user transaction information across thousands of exchanges, wallets and tokens into a single dashboard, making it easy to calculate crypto tax liability and fill in your forms. ZenLedger helps cryptocurrency investors and tax professionals stay compatible with integration support for over 400 exchanges, 40+ blockchains, 20+ DeFi protocols, NFTs and all wallets. Our team of engineers is always working hard to add more native integrations and features, and our customer support specialists are online 7 days a week to go through any issues.
SOURCE BitPay
