Verady releases pro version of cryptocurrency tax platform – Accounting Today

Verady, which makes the Ledgible cryptocurrency tax and accounting platform, has released Ledgible Tax Pro, which has extra features beyond the standard platform. Legible Tax Pro is designed for tax professionals with clients who have investments in cryptocurrency.

The IRS has this year put the declaration of virtual currency question on page 1 of the Form 1040, which will impact every taxpayer and reinforce the IRS enforcement focus on cryptocurrencies. It's estimated that anywhere from 12 to 21 million of America taxpayers will answer yes to that question.

Crypto-assets, which are taxed like property, produce complicated transactions with data across multiple wallets and exchanges. Ledgible Tax Pro analyzes all of this data and accounts for all transactions via the following features:

Ledgible Tax Pro 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 partner ecosystem to professionals can plug in various apps of their choice.

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, in a statement. 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.

Verady also recently launched its Ledgible Crypto Partner Program. To sign up as a Ledgible Crypto Program Partner, visit their site.

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Verady releases pro version of cryptocurrency tax platform - Accounting Today