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Settings > Beginning of tax year, Timezone for reports

Robin Singh avatar
Written by Robin Singh
Updated over a month ago

Beginning of tax reporting year

Koinly provides tools to tailor and manage your tax reports effectively. This includes functionalities to set your reporting year, handle timezones for better accuracy, and resolve discrepancies with ease.

If your tax year starts on a different day/month i.e. if it begins on the 6th of April and ends on the 5th of April, you can enter 6 in the Day box and April in the Month box.

To change the beginning date of your tax year:

  1. Go to Settings.

  2. Choose Portfolio.

  3. Update the Beginning of tax reporting year field.

This adjustment will apply to all future tax reports generated from the Tax Reports page.

Koinly will show you your current tax period under it. A tax year is always 12 months on Koinly and begins at 00:00 on the first day of your tax year and ends at 23:59 on the last day.

Timezone for reports

All the timestamps of transactions in Koinly are presented in UTC time. You can use this setting to offset the timestamps in the reports you generate, so that the reports include transactions that happened in the tax year according to your timezone, not according to UTC time.

Reports that will be generated according to your chosen timezone include:

  • Complete tax report

  • Capital Gains report

  • Local tax reports (IRS report, ATO report, etc.)

Reports that will be generated in UTC timezone, regardless of this setting, include:

  • Transaction History report

  • Buy/Sell report

Reconciling Errors in Tax Reports

If you encounter discrepancies or errors in your tax reports, follow these steps:

  1. Consult Koinly’s help articles, such as Getting Started with Koinly and How to Ensure Your Tax Report is Accurate.

  2. Use the resources provided to reconcile your data effectively. If further assistance is needed, you can:

  • Engage a crypto tax accountant.

  • Opt for Koinly’s Expert Review Service to have a professional review your data and reports.

Additional Resources and Support

Koinly offers extensive DIY guides and professional support options to help users address tax report issues, ensuring their accuracy and compliance with regulations.

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