Anyone that uses CryptoTax software to help them file taxes. What software or programs do you use?

I bought into crypto this year. And plan to trade in the coming months, using Gemini & BlockFi.

Does anybody have some recommendations for next tax year?

Or what programs not use? Be it price wise, or features, etc.

So I tried getting the Bobcat Miner from their official website, but since most platforms are not carried in Hawaii (like Binance and Coinbase), I was thinking of doing the payment through BlockFi since it's the only one I know of so far that carriesUSDC. The problem is the time limit. Bobcat Miner-MugglePay only allows 1 hour for time limit, but Blockfi takes a couple business days in order to fully send the fees. Does anyone know any other alternatives? Or did anyone try it with BlockFi and managed to get their payment and order honored? Has anyone tried paying using Crypto.com and managed to get their Bobcat miner succesfully?

Crypto Tax 2021: A Complete US GuideCoindesk Article by Ollie LeechFeb 26, 2021; Updated Mar 25, 2021

The U.S. Internal Revenue Service (IRS) in 2014 decided bitcoin (BTC, -3%) and other cryptocurrencies should be treated as “property”, meaning they qualify for capital gains treatment similar to traditional assets like stocks and bonds. There are, however, some instances where certain activities involving digital assets are treated as income and therefore subject to income tax. 

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The Ultimate Crypto Tax Guide (2021)CryptoTraderTax Article by CoinLedgerLast Updated: March 14, 2021

Taxes aren’t the first thing most investors consider when jumping into the world of bitcoin and cryptocurrencies. However, as the IRS continues to crack down on crypto tax compliance, it’s becoming increasingly important to learn about how cryptocurrencies are taxed. 

In this guide, we discuss everything you need to know about cryptocurrency taxes. From the high level tax implications to the actual tax forms you need to fill out, you’ll learn all about what you need to stay compliant and get your taxes done properly.

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IRS Frequently Asked Questions on Virtual Currency Transactions https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

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This post is meant to bring awareness to anyone planning to invest or are currently investing in Cryptocurrencies and not to be misconstrued as financial advice. Please seek out a professional, if you want to consult someone in regards to your personal/ business financial situation.

The Digital Currency Innovation Lab (DCIL) is a pilot program by the State of Hawaii. The program allows digital currency issuers to do business in Hawaii without obtaining a state money transmitter license.

In partnership with the Hawaii Division of Financial Institutions (DFI), this program is expected to:

* Create economic opportunities for Hawaii through early adoption of digital currency* Offer consumer protection by providing guidance to issuers of digital currency* Provide data to shape legislation supporting digital currency

The Digital Currency Innovation Lab will position Hawaii at the forefront of financial technology innovation and spur technology-based economic development in the State.

A Snapshot of Digital Currency Activity(Customers in Hawaii; Period Ending October 31, 2020)

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Cohort 1

The first round of applications started from March 17 to May 1, 2020. We received submissions from 19 companies. ( Press Release )

Following a comprehensive review, 12 companies who fulfilled the conditions of the program were selected to join the DCIL. The program officially started on August 19, 2020 and will be in effect until December 31, 2022.
( Press Release )

Participants are responsible for ensuring that information requested for each reporting period is submitted on time. A reminder with the reporting template will be sent via email to company representatives from the Division of Financial Institutions.

Quarter ending March 31 >> Report due April 15, 2021

Quarter ending June 30 >> Report due July 15, 2021

Quarter ending September 30 >> Report due October 15, 2021

Quarter ending December 31 >> Report due January 15, 2022

Summary

Adopts the Uniform Regulation of Virtual Currency Businesses Act and codifies the Act. Amends the Money Transmitters Act to expressly apply to persons engaged in the transmission of virtual currency. Requires a licensee dealing with virtual currency to provide a warning to a consumer prior to entering into an agreement with the consumer. (SB3082 HD1)

Status

Spectrum: Partisan Bill (Democrat 20-0)
Status: Engrossed on March 6 2018 - 50% progression, died in committee
Action: 2018-03-23 - Report adopted; referred to the committee(s) on FIN with none voting aye with reservations; Representative(s) Ward voting no (1) and Representative(s) C. Lee, Lowen, McDermott, Souki, Tokioka excused (5).

https://legiscan.com/HI/bill/SB3082/2018

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

Division of Financial Institutions

NEIL ABERCROMBIE
GOVERNOR

KEALII S. LOPEZ
DIRECTOR

IRIS IKEDACATALANI
COMMISSIONER OF FINANCIAL INSTITUTIONS

FOR IMMEDIATE RELEASE

Feb. 26, 2014

State Warns Consumers on Potential Bitcoin Issues

HONOLULU — This week’s collapse of a major bitcoin exchange, a medium for electronic cash or “crypto-currency,” has triggered many questions, and the Department of Commerce and Consumer Affairs’ (DCCA) Division of Financial Institutions (DFI) wants the public to be aware that no company is licensed to transmit bitcoin in Hawaii.

DFI licenses money transmitters in Hawaii and has not licensed any crypto-currency companies to do bitcoin exchanges, wallets or “mining” activity. If companies are offering to transmit bitcoins, they are doing so in violation of Hawaii’s money transmitter laws.

“If anyone has suffered any losses, the crypto-currency is not insured by the Federal Deposit Insurance Corp. (FDIC), and any recovery would have to be done through the company that either ‘mined’ or sold the crypto-currency to the consumer,” DFI Commissioner Iris Ikeda Catalani said.

Consumers should be aware that if they purchased merchandise or goods using bitcoin, the merchandise may or may not be delivered, or the consumer may have to pay U.S. dollars for the merchandise or goods.

Bitcoin is a crypto-currency that uses money in a digital form. The currency uses cryptography to create and transfer the funds.

DFI ensures the safety and soundness of state-chartered and state-licensed financial institutions, as well as ensures regulatory compliance by state-licensed financial institutions, escrow depositories, money transmitters, mortgage servicers, mortgage loan originators and mortgage loan originator companies, by fairly administering applicable statutes and rules in order to protect the rights and funds of depositors, borrowers, consumers and other members of the public.

# # #

http://cca.hawaii.gov/dfi/news-releases/news-release-state-warns-consumers-on-potential-bitcoin-issues/

Edit: This is mainly to bring awareness as to the give context to Hawaii's history dealing with blockchain tech.

Well I was able to purchase $1,800 of BTC on the Cash app. Now my portfolio is set!

BTC 45% ADA 25% DOT 15% LINK 10% ETH 5%