Verady, maker of the Ledgible cryptocurrency tax and accounting platform, has released Ledgible Tax Pro. The platform is designed for tax professionals with clients who are among the 12-21 million taxpayers that will answer 'YES' to the IRS Form 1040 question around virtual currency this coming tax 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 assets. These assets produce complicated transactions with data across multiple wallets and exchanges. Ledgible Tax Pro analyzes all of this data and is able to bring 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
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 partner ecosystem to provide the efficiencies professionals require.