Tax authorities around the world are increasing their focus on crypto transactions and companies are rushing to help investors navigate the unclear regulations. The latest example is Thomson Reuters which has added a new tool for American tax payers to report crypto dealings to the IRS.
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Thomson Reuters Gosystem Tax Now Supports Crypto
Toronto-headquartered multinational mass media and information firm, Thomson Reuters Corporation (NYSE: TRI), has revealed that its Individual Gosystem Tax system is launching a “Virtual Currency Organizer” for IRS 1040 form preparation. The tool will be a single point of data entry for crypto dealings including exchanges, forks, purchases and payments. Users of the income tax software suite will now be able to review all transactions in a central location and have the information properly reported on the relevant forms.
“Virtual currencies, or cryptocurrencies, continue to be a dizzying draw to investors. Many times, the investors are not considering, or fully aware of, the tax implications of their activity in this exciting new asset class. The IRS, however, has been keenly aware of the obligations in this area and has recently raised its scrutiny and compliance level,” the company explained. “Given both the IRS focus on and accelerating proliferation of digital assets, Thomson Reuters recognizes the additional challenge that this digital asset class introduces and is committed to providing industry-leading solutions in this new frontier of tax reporting.”
To deliver this new service, Thomson Reuters has entered into a collaboration with a firm that specializes in the accounting and reporting of cryptocurrencies, Verady. Its Ledgible platform allows investors, tax preparers and financial institutions to perform portfolio tracking and reporting of cryptocurrency activity. It has been specifically designed
