Let’s face it…
…cryptocurrency has gotten a bad rap lately. With all the scams, false promises, and dishonesty out there, we aim to bring honesty back into the market by allowing honest folks to pay honest taxes. Learn More
Let’s face it…
…cryptocurrency has gotten a bad rap lately. With all the scams, false promises, and dishonesty out there, we aim to bring honesty back into the market by allowing honest folks to pay honest taxes.
The most accurate and complete tax & accounting platform for all cryptocurrency investors.
Our Carefully Crafted Solution
At ProfitStance, we believe cryptocurrency is the future. We provide the cryptocurrency accounting tools that are needed to increase its value and achieve the next level of user adoption.
our $1 million guarantee
We guarantee 100% accurate calculations or we’ll pay your IRS fines and interest up to $1 million.
real support by real people
We offer the best support and service you can imagine. Contact us with any questions and our team will respond the same day. We want your experience with ProfitStance to be a great one and we’ll do whatever we can to ensure that!
Answers to Your Biggest Cryptocurrency Tax Questions
ProfitStance consults with the leading tax experts and government officials to always have the latest information on cryptocurrency regulations.
Why should I go to the trouble to voluntarily report and file my taxes on my digital currency and crypto assets?
First, because the law requires it. Second, because compliance – not rebellion and anarchy – brings about market stability and growth. As more people follow the IRS laws, digital currency will play a greater hand in the global economy, and third, because when you use a smart bitcoin accounting and tax software solution such as ProfitStance, you can legally minimize your taxes.
Since the beginning of crypto time, the IRS hasn’t required people to file their taxes on crypto assets. So why should I worry about it now?
The IRS has recently taken actions and published comments that indicate they will begin enforcing tax policy for crypto assets for 2018 and prior years.
Do I need to report all of the digital currency assets I own on all of my exchanges AND wallets I’ve ever used?
Yes, the IRS requires trades made on any and every exchange and wallet to be reported.
How is virtual currency treated for US Tax purposes?
For US Tax purposes, virtual currency is treated as property. General US Tax principles applicable to property transactions apply to transactions using virtual currency.
Does a taxpayer who “mines” virtual currency realize gross income upon receipt of the virtual currency resulting from those activities?
Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income.