Blockchain data and tax solutions provider ZenLedger partnered with the AI-powered fintech provider in April.
Together, the two companies aim to launch the first comprehensive tax filing solution in the cryptocurrency industry. This integration, in partnership with APRIL, changes the traditional approach to collecting, optimizing and filing taxes. The goal is to simplify the often complex process of managing and filing taxes for cryptocurrency and digital asset traders by consolidating these functions into a single platform.
According to the company’s press release, the complexity of taxing cryptocurrencies has increased significantly, leading individuals and businesses to rely on multiple tools and platforms for tax compliance. The fragmented nature of cryptocurrencies, decentralized finance (DeFi) and non-fungible token (NFT) platforms has made tasks such as tax loss harvesting and cost basis calculations difficult without a unified view of transactions across different exchanges and wallets.
ZenLedger has truly simplified this process by automating accounts and relieving tedious traditional procedures. With this new data integration, ZenLedger looks to improve the user experience by consolidating the entire tax process, eliminating the need for users to handle tax forms when using tax preparation software.
Key features of the new integration
The most important aspects of the integration between ZenLedger and April are as follows:
- Full Service Solution: Integration with APR provides users with the first fully integrated solution for filing cryptocurrency taxes electronically, eliminating the need for multiple tax platforms.
- One-Click Data Import: Users can transfer crypto tax reports from ZenLedger to their returns without handling forms like 8949 or .csv.
- AI-Powered and Easy to Use: AI-powered features, including Optical Character Recognition (OCR) form capture, simplify data entry for common forms like the W-2 and prior years’ Form 1040.
In the official press release, ZenLedger representatives emphasized the importance of simplifying the tax filing process. In contrast, officials from April highlighted the failure of traditional tax technology to meet the needs of a dynamic economy. They also expressed their excitement about partnering with ZenLedger to provide a comprehensive tax filing experience for cryptocurrency users.
As the cryptocurrency market expands, ZenLedger and April expressed their commitment to providing innovative solutions that help individuals and businesses maximize returns and navigate the tax landscape in an efficient manner.
More information about the two companies
ZenLedger aggregates user transaction information across thousands of exchanges, wallets, and tokens into one simple dashboard, making it easy to calculate personal cryptocurrency taxes, audits, or investigations.
As for April, it specializes in helping users residing in the United States file, estimate, and improve their taxes through AI-powered tax experiences integrated into various financial decision-making processes.