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Multinational media conglomerate Thomson Reuters, in collaboration with Verady, has announced a new cryptocurrency tax tool.
On Dec. 19, Thomson Reuters announced its collaboration with Verady, a firm specializing in accounting and reporting of cryptocurrencies and blockchain assets.
The proliferation of cryptocurrencies such as bitcoin in the past couple of years has attracted the attention of regulators worldwide. This includes tax authorities such as the Internal Revenue Services (IRS) for the associated tax implications.
In October, the IRS issued crypto tax guidance and has also updated the 1040 IRS filing form to include a “Question #0” asking taxpayers about their activities with cryptocurrencies.
In a bid to address the tax reporting issues related to cryptocurrencies, Thomson Reuters said that its GoSystem Tax RS product will soon launch a Virtual Currency Organizer.
“This organizer will be a comprehensive single-point of data entry and review for virtual currency transactions including exchanges, forks, purchases and payment for services rendered. Preparers will now for the first time be able to see and review these transactions in a central location and have the information properly reported on the appropriate tax forms,” it explained.
The media giant has teamed up with Verady for gathering trusted source data for the cryptocurrencies. Verady's Ledgible platform allows investors, tax preparers and financial institutions to perform AICPA SOC assured portfolio tracking and reporting of cryptocurrency activity.
Thomson Reuters explained that Ledgible simplifies the process of consolidating records from exchanges, wallets, blockchains, and other cryptocurrency data sources.
“With a button click, Ledgible users can create reports ready for GoSystem Tax and UltraTax – both of which consume these reports to streamline preparation and minimize risks with full data auditability,” it added.
Speaking to Cointelegraph, Kell Canty, CEO of Verady, explained:
“Once Ledgible users have integrated their wallet and exchange activity, they’ll be able to notify their accounting professionals that the data is ready to go. Tax preparers can then bring that data into the GoSystem Tax product, placing it in the virtual currency organizer.”Just recently, members of the U.S. Congress sent a letter to the IRS urging the agency to provide more clarity about crypto tax.
Just recently, members of the U.S. Congress sent a letter to the IRS urging the agency to provide more clarity about crypto tax.
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