Wolters Kluwer Tax & Accounting has partnered with CoinTracker and Verady – developer of Ledgible Tax Pro - to provide integration between these cryptocurrency solutions and its CCH Axcess Tax and on-premises CCH ProSystem fx Tax expert solutions for tax compliance. Both CoinTracker and Ledgible Tax Pro are cryptocurrency tools designed for tax professionals and their clients.
Now, with every virtual currency transaction considered a taxable event, it’s the tax professional's responsibility to calculate the gains and losses, track cost basis and ensure tax returns are accurate, which can be especially complex if clients use multiple exchanges.
With the addition of a virtual currency field in the 2020 IRS Form 1040, tax and accounting firms of all sizes will now find themselves needing to service more business and individual taxpayer clients who require reporting on their virtual currency holdings. This creates an opportunity for forward-thinking tax professionals to enhance their service offerings to include the cryptocurrency space.
CoinTracker and Ledgible Tax Pro are designed specifically to automate IRS Form 8949 for virtual currency assets, and the integration with tax preparation and compliance solutions from Wolters Kluwer makes it easier for firms to import this data into tax returns.
CoinTracker is a cryptocurrency tax and accounting software with over 250,000 users. CoinTracker tracks over $10 billion of cryptocurrency across 300+ exchanges and 8,000+ assets.
Ledgible by Verady provides AICPA SOC assured tax reporting and portfolio tracking for crypto assets.