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Patrick Larsen, Co-founder and CEOIt was the summer of 2017; cryptocurrency was approaching the pinnacle of success. Soon enough, Larsen was hooked. While numerous large companies were investing in cryptocurrency and blockchain projects, Larsen was fiddling with new business ideas, until he got one. “People kept suggesting about the tax problem and how cumbersome it was for them to keep the IRS off their back,” he recounts. Larsen joined forces with Bryan Starbuck (currently the CTO at ZenLedger)—who is a former AI, ML, Crypto Principal Dev Manager at Microsoft, and an expert at multiple tech stacks and programming languages—to lay the cornerstone of ZenLedger. The genesis of ZenLedger was a natural progression in helping organizations and individual investors to quickly and easily get tax forms and financial reports to trade smarter.
Contrary to popular belief that cryptocurrencies are exempt from taxes, the IRS considers cryptocurrency as assets, and tax laws pertaining to properties are applicable to cryptocurrency as well. This leaves cryptocurrency investors with an uphill task to manage a plethora of different exchanges, wallets, and transactions to file cryptocurrency taxes. A manual calculation of these taxes can be arduous for investors, certified professional accountants (CPAs), and organizations alike. As a cryptocurrency ledger analytics company, ZenLedger has developed a web-based tax tool that delivers automated procedures for an end-to-end crypto tax management. “The task of accounting for cryptocurrency investments has been notoriously difficult. Traditionally, customer service and experience have been lacking in this landscape. This is precisely why we’ve strived hard to make the software and customer service seamless. Users can avail professional advice anytime via phone, email, or chat to access the right information,” says Larsen.
ZenLedger’s tax tool works with all the major cryptocurrencies, exchanges, and fiat currencies such as Bitcoin, Ethereum, Litecoins, Dollars, Euros, Pounds Sterling, Yen, and several others. It allows the investors to import cryptocurrency transactions, calculate gains and income, and auto-fill tax forms like 8949 and Schedule D in a single tool.
The tool has been instrumental in helping clients minimize costs and enhance after-tax returns by automatically aggregating transactions across multiple exchanges, countries, and wallets and calculating capital gains and losses—all in one place.
Users can avail professional advice anytime via phone, email or chat to access the right information
ZenLedger has worked with many tax, technology, finance, and accounting experts to include best-in-class algorithms in its software and help its clients at each step of their cryptocurrency tax journey. From an onboarding standpoint, all you need to do is create an account and then start linking your wallets and exchange accounts by CSV or API in a self-service fashion. The simple workflow allows uploading transactions into the software, followed by which the ZenLedger team cleans up all those transactions to help users find the correct prices, make determinations on income or know how something was traded. The software goes through every transaction of its clients to offer a transparent and detailed auto-completed tax forms and audit reports that help the clients and their CPAs to gain a precise tax estimate and avoid overpayment of taxes. The features of the ZenLedger software make it one of the most comprehensive cryptocurrency tax software available in the market. It helps in FinCen Reporting by automatically calculating the value of foreign exchanges and alerting the client if the holdings increase above the $10000 mark. It is also the only software that tracks EOS coins accurately and facilitates the movement of these coins between Ethereum and EOS wallets. Besides, ZenLedger also offers a tax-loss harvesting tool that provides the clients with a holistic view of all the unrealized capital losses in each token type.
ZenLedger’s cryptocurrency tax software has already helped thousands of investors and accountants process millions of transactions and more than $500M of assets. Larsen shares a customer success story of a client, Luke Riddle, Employee #30 at Coinbase, who restated his taxes from 2013 using ZenLedger and found $235,000 in an overpayment to the IRS. The ZenLedger’s software also helped him find all the old records and recover lost and stolen coins because of defunct exchanges.
In order to strengthen its service portfolio, ZenLedger has partnered with TurboTax, enabling its clients to download a pre-formatted file to use for TurboTax. “We partner with the best companies in the world for accounting, to make the complex cryptocurrency taxes easy and accurate for our customers,” remarks Larsen. The company also offers round-the-clock customer support through phone, email, or chat to help its clients get the most professional advice. Moving ahead, the company is strengthening its product suite by foraying into anti-money laundering, portfolio asset management, analytics, and blockchain space.
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Company
ZenLedger
Management
Patrick Larsen, Co-founder and CEO
Description
ZenLedger is a cryptocurrency ledger analytics company that enables investors, certified professional accountants (CPAs), and organizations to quickly and easily get tax forms and financial reports. The company offers a web-based tax tool that delivers automated procedures for an end-to-end crypto tax management. The tax tool works with all the major cryptocurrencies, exchanges, and fiat currencies such as Bitcoin, Ethereum, Litecoins, Dollars, Euros, Pounds Sterling, Yen, and several others that allows the investors to import cryptocurrency transactions, calculate gains and income, and auto-fill tax forms like 8949 and Schedule D in a single tool. Besides, the company also offers professional advice anytime via phone, email, or chat to enhance customer service and experience
The launch of international support is a significant milestone for ZenLedger and is a testament to its commitment by providing the best crypto tax and accounting experience for its users. The ability to export tax reports in different currencies and for different reporting periods will allow users and Tax Pros all over the world to file their taxes and stay compliant with local regulations, no matter where they are located.
"ZenLedger's International Support Brings Best-in-Class Crypto Tax Solution to a Global Audience"
"At ZenLedger, our mission is to make it easy for customers to manage their crypto taxes," said Pat Larsen, CEO of ZenLedger. "With the launch of international support, they can now benefit from our platform's advanced features and capabilities without having to worry about reports fitting the needs of their local jurisdictions."
ZenLedger's international support features include:
• Customized export of tax reports for multiple reporting periods or jurisdictions
• Support for nearly 150 global currencies including USD (United States), EUR (Europe), AUD (Australia), CAD (Canada), GBP (United Kingdom), and more
• The same best-in-class integration support with over 500 major exchanges and wallets, plus DeFi, NFT, and Staking support
• Premium Customer Support 7 days a week, via Chat, Email, or Phone
"We as a community need to do everything that we can to foster adoption and scale crypto globally. Remaining compliant shouldn't be a headache for the end user in that process. Users and Tax Pros should have access to the best tools possible," added Larsen. "The launch of international support is a significant step towards achieving that goal."