Verady, a cryptocurrency accounting and audit technology firm, and Thomson Reuters have collaborated to develop a tax return software for crypto and digital assets. The software is integrated with Thomson Reuter’s traditional tax bundle, GoSystem Tax RS.
The new tax return software by Thomson Reuters and Verady will simplify classification, organization, and accountancy of digital assets by keeping track of crypto trades for tax returns.
This blockchain-based tool has come at the right time, as blockchain and crypto trading peaks. The need for such a tool is reportedly overwhelming in the United States, where around 10,000 taxpayers have discrepancies in their crypto transaction reporting, the Internal Revenue Service (IRS) reported.
The IRS recently released a new cryptocurrency tax guidance and began sending thousands of warning letters to cryptocurrency investors who had not reported their gains and losses from crypto trades. The agency also circulated a draft of the new Form 1040, Schedule 1, Additional Income and Adjustments to Income, which asks, “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
The blockchain-based tool for tax returns can account for digital assets acquired through straightforward purchases, exchange trading, forks, or service work. The tool helps authorities accurately track and report a user’s cryptocurrency transactions by gathering a substantial amount of crypto data.
Cryptopolitan.com gave a positive outlook on the tool, saying both accounting firms and taxpayers are looking for a reliable blockchain tax return software as digital currencies become more widely accepted.
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