Thomson Reuters, Verady Collaborate on Tax Return Blockchain Software

Asia Blockchain Review
December 30, 2019

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.

Rising Demand for Crypto Tax Returns Solution

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?”

Blockchain-based Tool for Precise Crypto Transactions Tracking

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.

Source: www.cryptopolitan.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us