Verady, maker of the Ledgible cryptocurrency tax and accounting platform, announced the release of Ledgible Tax Pro. The platform is designed for tax professionals with clients among the 12-21 million taxpayers who will answer ‘YES’ to the IRS 1040 form question around Virtual Currency this year. The IRS has put the declaration of virtual currency question on page 1 of the 1040 form which will impact every taxpayer and reinforce the IRS enforcement focus on crypto.
Crypto-assets produce complicated transactions with data across multiple wallets and exchanges. Ledgible Tax Pro analyzes all of this data and is able to bring leading features to simply account for all transactions, such as:
- Matching transfers from wallets to exchanges automatically
- Real-time client collaboration
- Fee calculations for both wallets and exchanges in cost basis to reduce tax
- Categorization for taxable income, gifts and capital gains
- Allows professionals to include tax advisory and planning views for their clients
“As more businesses and consumers transact in cryptocurrency, CPA firms need to know how to accurately report it,” said Kell Canty, co-founder and CEO of Verady. “Unlike wages and traditional investments, there is no equivalent cryptocurrency W2 or 1099B to report cryptocurrency balances and transactions. As a result, the gains, losses and income to report have to be determined.”
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Traditional tax packages do not support crypto-assets and cannot accurately account for all cryptocurrency transactions. Ledgible Tax Pro is designed for crypto-assets and produces the IRS Form 8949 and other reporting formats that are directly importable to filing systems used by tax professionals.
The platform features integrated client management, a collaboration driven workflow, team management, and a rich partner ecosystem to provide the efficiencies professionals require.
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