• Amy Kalnoki

Get to know Bitwave: Crypto Taxes

How did doing your 2019 taxes go? Or perhaps, did you file an extension?

Did your accountants, bookkeepers, or operations teams struggle to handle your virtual currency accounting?

You are not alone!

Businesses that transact in cryptocurrencies or other digital assets, like tokens, have an even larger challenge that traditional businesses. Accounting for crypto is hard! We know that!

That’s why Bitwave was built and designed by experienced enterprise software developers specifically for business.

Bitwave tracks every single transaction, helps you categorize it, then syncs this right into your accounting system. We have a tight integration with accounting systems including automatic reconciliation of transactions directly to your general ledger, and syncing of categories, account, invoices, and bills from your accounting system.

If you filed an extension, it’s not too late to prepare your 2019 crypto taxes. And Bitwave is here to help! Our tax tracking solution lets you easily and reliably calculate your 2019 crypto gains and losses. Plus, our platform integrates with leading accounting solutions like Quickbooks, Xero or Netsuite. And we have a team of folks that can help!

If you are new to cryptocurrency and digital asset bookkeeping or, if you swear that this tax year you will have a better system in place, here are a few tips to make sure you have an esay time with your crypto taxes next time around:

  • Talk to your CPA and tax attorney ASAP! If you need to find an CPA, bookkeeper, or accountant that is familiar with cryptocurrency and blockchain accountants, email us, we work with accountants across the country and are happy to make referrals to professionals who are leading the field in their knowledge of digital asset accounting.

  • Don’t try to calculate it manually or on a spreadsheet. That is crazy! A giant, complex Excel file or Google Sheet is not sustainable. Additionally manual entry like that is very error prone. Instead use a software like Bitwave which automatically pulls in every blockchain transaction, does the cost basis tracking for you and then let’s you categorize it and push it right into your accounting software.

Contact us at info@bitwave.io for more details on how we can help.

About Bitwave:

Bitwave provides enterprises a complete drop in solution for handling digital assets. Bitwave is a full back-office software solution for businesses using crypto, holding tokens, and more. We directly integrate from the blockchain right into your accounting system. Our platform offers complex tax tracking capabilities, automatic mark-to-market capabilities, crypto invoicing, and crypto bill pay. Plus, a unique part of our solution is an industry first multi-user, multi-sig wallet with an eye on governance, so even businesses can hold their coins safely, securely, and compliantly. www.bitwave.io

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