ZenLedger and Abra Announce Partnership For Cryptocurrency Tax Reporting
We're thrilled to share that ZenLedger has partnered with Abra on a key product integration to provide a seamless experience to US-based cryptocurrency traders and investors for their accounting and tax preparation. ZenLedger is the recommended cryptocurrency tax partner of Abra, and this new partnership allows Abra users to easily get help with tax reporting and file their cryptocurrency taxes.
Abra customers can now easily access crypto tax assistance through the ZenLedger platform so they can view their crypto trading history, understand their tax liabilities, and generate tax forms using their preferred accounting method. Both companies can provide even better service to their clients and help them stay compliant with this integration, which will help when tax season officially kicks off on February 12th.
“ZenLedger will help our customers manage their crypto taxes easily, addressing a key pain point for Abra customers today. We are excited to announce this partnership with the ZenLedger team,” says Ivan Galli, VP of Operations at Abra.
“We are delighted to be Abra's preferred crypto tax partner and to have the opportunity to service their 1M+ customers not only for their 1099-MISC needs but also for their complete crypto tax and accounting requirements," says Dan Hannum, COO at ZenLedger.
With the addition of the virtual currency question to the top of Form 1040 for 2020 filings, cryptocurrency users will likely need the assistance of crypto tax software to report their taxes properly. The latest IRS guidance states that if crypto users received, sold, mined, or traded cryptocurrency in 2020, they are required to report the gains and losses of their transactions on tax returns.
ZenLedger, a Seattle based Fintech startup with 15 team members, has grown revenue and customers by over 500% year over year. The cryptocurrency tax startup has helped thousands of investors and tax professionals with tax filings and financial analysis, saving them many labor hours and thousands of dollars. ZenLedger software aggregates user transaction information across multiple exchanges, wallets, and tokens in one simple dashboard, making it easy to calculate tax liability.
With over a million customers, Abra offers a simple app that allows investors to buy, sell, hold, and trade 100+ cryptocurrencies as well as earn interest on several of the most popular cryptocurrencies and US dollar stablecoins. Abra can fund your wallet, build a portfolio, trade, and earn interest all in one place.