Taxing bitcoin deals remain difficult in the USA. Circle has decided to help its clients. The firm, which calls itself a “bitcoin bank”, is ready to provide complete lists of operations for tax purposes.

 Circle is reminding clients about the upcoming end of the fiscal year on Twitter:

The American Internal Revenue Service (IRS) treats bitcoin as a capital asset. This means that people who receive any income from bitcoin should pay capital gains tax on it. According to Forbes, the tax rate varies from 15% to 20% depending on the income of this or that household and on the time of ownership. Residents need to present a full list of their transactions to provide evidence of income or loss for tax purposes.

Circle helps clients to get access to this list. To receive one, a client needs simply to click a button on the main Circle website

“Circle will send you an email with a handy and informative .CSV file attached which provides details for all of your transactions within the 2014 calendar year”

For each operation, the company will provide the exact date and time, the amount in bitcoin, the equivalent amount in USD, the status of the transaction, and the USD to BTC conversion rate at the time of the transaction. The latter is important because, according to Forbes columnist Kelly Philips Erb, the tax declarations should denote “the fair market value of the virtual currency in U.S. dollars as of the date of payment”. 

Circle is a bitcoin company founded in 2013. It gained prominence as a service that provided online bitcoin wallets and positioned itself as a “bitcoin bank”. Circle has never provided credit to its customers. According to the Guardian, the company’s competitive advantage is its full deposit insurance and “slick design”. Now, they have added the option to download a tax-friendly record of operations to this list.

This might attract new customers from Circle’s main competitors – Coinbase and Blockchain.info. Each of them boasts of operating more than 2 million wallets. The number of deposits at Circle has never been disclosed