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New feature by H&R Block, CoinTracker automatically adds taxes for crypto trades New feature by H&R Block, CoinTracker automatically adds taxes for crypto trades

New feature by H&R Block, CoinTracker automatically adds taxes for crypto trades

The integration will enable crypto users to benefit from H&R Block's tax preparation services while using CoinTracker's specialized software.

New feature by H&R Block, CoinTracker automatically adds taxes for crypto trades

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

CoinTracker, a provider of tax software for cryptocurrencies, is collaborating with H&R Block. The new partnership hopes to assist millions of customers in preparing their income tax returns in Canada, the US, and Australia through an integration that will enable crypto users to benefit from H&R Block’s tax preparation services while using CoinTracker’s specialized software.

H&R Block & CoinTracker

Through the new integration, individuals who hold cryptocurrencies can conveniently complete the crypto section of Form 8949, a reporting form in the US meant to track investment capital gains and losses during tax filings.

โ€œLast year alone, H&R Block saw an 85% rise in the number of clients who reported crypto transactions,โ€ said Heather Watts, Senior Vice President, Consumer Tax Products and Support at H&R Block.

โ€œThis figure underscores the importance of people understanding how crypto gains and losses are taxed. This partnership with CoinTracker creates a more streamlined process for our clients to import their crypto tax information accurately and quickly so they can file with confidence knowing H&R Block makes sure our clients get every dollar they deserve, ensuring a maximum refund.โ€

Filing crypto tax

The new partnership eliminates the need for users to manually copy and paste crypto transactions from Form 8949 when filing taxes online. Instead, all the rows from Form 8949 will be automatically entered into H&R Block Online when the user’s account is connected to CoinTracker.

Apart from simplifying the process of filing crypto taxes, the partnership offers several benefits to both H&R Block and CoinTracker users. These include a complimentary CoinTracker tax plan for users with fewer than 25 crypto transactions, a 10% discount on CoinTracker tax plans for users with more than 25 crypto transactions, and a 20% discount on H&R Block online products for CoinTracker users.

โ€œThe process of crypto tax filing is far too complex,” said Vera Tzoneva, COO at CoinTracker. “We remain fixated on delivering peace of mind and the requisite tools for all crypto users. Partnering with H&R Block is a major step toward realizing this vision.โ€

Posted In: Adoption, Taxes