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🇺🇸🚨 There’s less than a week to go until the US tax extension deadline on October 15. If you’ve already filed, now’s the perfect time to start getting things in order ahead of the EOFY. Check out our guide for 5 tips to get prepped.

🇦🇺 With the Australian tax deadline approaching on October 31, we love to hear we've helped simplify crypto tax for our users!

Koinly is proud to announce we now support Sui, making crypto tax simpler for more than 9 million Sui investors.

MATIC → POL tax implications? 🤔 The mainnet launch for the MATIC - POL upgrade occurred on September 4th, meaning your MATIC tokens are now POL tokens, and POL is now the native gas token of the Polygon Labs network. This token migration has sparked a lot of questions from Koinly users around the potential tax implications. As expected, the IRS and many other tax authorities have yet to release clear guidance on how token migrations like this should be treated. In response, we've turned to some of the leading crypto tax experts we collaborate with to gain insight and help navigate this complex landscape. Here's how three of Koinly's top accountant partners are approaching the challenge: Head CPA at Count On Sheep, Justin Zanardi, CPA said “When assessing the tax implications of the MATIC to POL conversion, two questions must be answered: (1) Are the assets substantially the same? (2) Did the upgrade result in old tokens being retained and new tokens being acquired? Given POL will function in all the same ways as MATIC, MATIC tokens are not being retained, and the conversion is 1:1, I don't believe this constitutes a taxable event. The cost basis and holding period attached to converted MATIC should be carried over to the POL tokens." CountDeFi agreed with this position, stating, “It is not a taxable event. The cost basis and holding period should be carried over. The nature here is that of a conversion, not a hard fork that results in receiving new cryptocurrency. See also Q22 (no new cryptocurrency received, the same cryptocurrency with a different ticker) and Q30 (no divergence and no new cryptocurrency received, the same cryptocurrency with a different ticker) here, which further supports the argument that a conversion is not taxable.” Finally, a crypto tax expert at Aurum, commented, “Under current tax law, exchanging property is taxable if the two properties are "materially different," meaning they have different legal rights. This rule for tax-free like-kind exchanges doesn’t apply to personal property like cryptocurrency. For the MATIC-to-POL migration, the situation is unclear due to limited IRS guidance. A 2023 IRS memo on Ethereum’s switch to proof-of-stake didn’t consider it a taxable event, but the explanation was brief. So if we take help from this memo it would not be a taxable event. In some jurisdictions, this migration could be seen as taxable because MATIC and POL have different contract addresses. In others, it may not be taxable since there was no intent to convert. It's best to consult a tax professional in your jurisdiction for specific advice.” 🤔 How is your firm approaching the MATIC → POL tax challenge?

Missed the IRS Tax Deadline in April? If you applied for an extension you have until October 16 to get things done. Here's how to file your US crypto taxes fast with Koinly.

Want to get your Wirex crypto taxes done fast & accurately? Koinly and Wirex have teamed up on a brand new integration that will make Wirex taxes super easy. See how it's done here, in our latest Youtube platform tutorial: https:// youtube.com/watch?v=06BG-t R0-ms

🤔 Can You Buy Crypto With a Credit Card? In this hashtag #trading101 guide we explore the methods, platforms and...taxes involved. https://lnkd.in/d98M93VN

Attention accountants and tax pros. DYK that Koinly integrates with Xero? To connect Koinly with Xero, you'll need a Koinly Business account. Get in touch with [email protected] and we'll make it happen. #Cryptotax https://lnkd.in/dQrmi7tW

We've teamed up with Aussie exchange CoinJar to make Aussie crypto taxes easy this year! Check out our 'Coinjar Youtube How to Guide' for a quick crypto tax demo. https://lnkd.in/dBYXKthE

Reminder: The NZ tax deadline is Monday 7 July. Need a quick fix? We've teamed up with Binance New Zealand to get you sorted in a day.