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LedGER Wallet Leverages ZENLEDGER to Comply with Crypto Taxes

LedGER Wallet Leverages ZENLEDGER to Comply with Crypto Taxes
 
    Cryptocurrency hardware wallet provider Ledger is deploying ZenLedger's technology in response to a surge in tax audits of individuals "holding" cryptocurrencies. The move is aimed at solving the tax dilemma as it produces a variety of tax filing formats that the IRS often needs.
 
 

 
    Users can easily connect ZenLedger solutions with their Ledger Live, a proprietary interface application created specifically for users to transact with digital assets through Ledger's family of hardware wallets. Once inserted, all their transaction data will be pulled from the wallet into the ZenLedger software. This will provide them with a tax liability dashboard, giving them a better understanding of the tax implications of crypto transactions.
 
    ZenLedger software automatically aggregates the history of all crypto transaction types, such as mining, staking, lending, gifts, and even exchange rewards such as airdrops and forks.
 
    Additionally, ZenLedger helps file more accurate tax returns, monitor tax obligations and highlight potential tax refunds. Customers can see the real-time tax impact of their transactions and receive transaction alerts when tax savings opportunities arise.
 
    ZenLedger supports and connects to over 400+ exchanges, 7000 token types, 30+ DeFi protocols, ERC-721 NFTs and all wallets.
 
    Jean-François Rochet, VP International Development at Ledger commented: "Ledger Live is an all-in-one app for everything in crypto, NFTs and Web3. ZenLedger's integration shows how much you can do with this app With the launch of ZenLedger, Ledger Live is now the gateway to simplifying crypto tax reporting.” Ledger provides wallet users with fiat on-ramp Recently, there have been numerous reports of tax authorities outlawing and going after crypto traders. The Internal Revenue Service (IRS) is also sending letters to taxpayers who may have failed to report income and pay taxes on cryptocurrency transactions.
 
    Fundamentally, the IRS still considers cryptoassets to be property rather than currency for income tax purposes, the same regulatory guidance issued six years ago. This means that the authorities will continue to tax cryptocurrency profits and losses at the capital gains rate, just like the profits and losses of stocks.
 
    Ledger announced in March that after a partnership with Canadian payments company Nuvei, users of its popular crypto hardware wallet can now use a bank card to buy cryptocurrencies directly in the app.
 
    The protocol provides Ledger users with a fiat on-ramp to conduct and settle crypto transactions, a grey area of ​​business that requires KYC requirements and other regulatory challenges.
 
    Specifically, the integration provides Ledger users with direct access to over 125 cryptocurrencies using all leading fiat funding options, including via Visa, Mastercard, SEPA and SWIFT. The process can be done without going through external exchanges and fiat-to-crypto payment gateways.

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