does coinbase keep track of taxes

Title: Coinbase's Taxes Tracking Policy: a Comprehensive Guide Coinbase, a digital currency platform, is subject to the Internal Revenue Service (IRS) as a foreign corporation. As such, Coinbase is required to keep track of its earnings and sales, as well as deductions and credits. Coinbase is committed to accurately tracking taxes and providing accurate tax returns. This article will explain how Coinbase tracks its earnings, deductions, and credits, and the policies and procedures that the platform follows to ensure accurate tax tracking. Coinbase tracks earnings through a system called the Accounting System (AS). The AS tracks all transactions and records that occur on the platform, including purchases and sales of cryptocurrency. It tracks deductions and credits through the Deduction and Credit System (DCS). The DCS tracks any deductions or credits that apply to your accounts, such as interest on loans or interest deductions on investments. Coinbase's policies and procedures are designed to ensure accurate tax tracking. One of these policies is to provide a detailed statement of your taxable income. This statement is called the Tax Filed Statement (TFS) and is required for all foreign corporation taxpayers. The TFS is an important tool for accurately tracking your earnings and deductions. Another policy is to provide a tax deduction form, which is called the Deduction and Credit Report (DCR). The DCR is required for all foreign corporation taxpayers, and it tracks any deductions or credits that apply to your accounts. The DCR is important for accurately tracking your earnings and deductions. In conclusion, Coinbase is committed to accurately tracking taxes and providing accurate tax returns. By tracking earnings, deductions, and credits through its Accounting System (AS) and Deduction and Credit System (DCS), Coinbase ensures that all transactions and records are accurately recorded, and it follows policies and procedures to ensure accurate tax tracking.