SurePrep and Legible have joined forces to automate Virtual Currency and Crypto Tax compliance for professionals. This partnership ensures tax professionals have the tools and technology necessary to meet the expected increase in compliance activity generated by the recent IRS change moving the Virtual Currency question to the first page of the Form 1040.
Ledgible Tax Pro is the industry’s first crypto currency tax solution designed for the unique needs of accounting and tax professionals. TaxCaddy and 1040SCAN are recognized as the premier taxpayer collaboration and scan-and-populate solutions in the tax and accounting field. Together, Legible and SurePrep transform the crypto tax gathering, analysis and delivery process to ensure forward-thinking firms are ready to serve the 12 to 21 million taxpayers who are required to report crypto for the 2020 tax season.
Kell Canty, CEO of Verady, maker of the Ledgible cryptocurrency tax, accounting, and financial reporting platform, explained “There are specific challenges faced by taxpayers and preparers for clients holding crypto. Ledgible Tax Pro provides a collaborative platform where clients can link their crypto wallets and exchange accounts to a system which identifies taxable transactions, tracks the tax basis across on/off chain transfers, properly accounts for fees and generates the data for the tax return.”
Taxpayers struggle with what information to provide about crypto holdings and tax professionals can be overwhelmed with transaction spreadsheets and incomplete or inconsistent reports from consumer-grade tax packages. Crypto is a complex and dynamic ecosystem without the appropriate information reporting needed to support typical reports like a Form 8949 for traditional investments.
SurePrep now recognizes Ledgible Tax Pro’s 8949 output and exports the data to the leading tax software which eliminates the need for one-off or exception processing for crypto tax clients.
David Wyle, CEO of SurePrep, the maker of TaxCaddy and 1040SCAN, added “Automation is at the top of everyone’s mind and the combination of TaxCaddy, 1040SCAN and Ledgible Tax Pro provides a highly streamlined crypto tax process in the tax and accounting profession. We are transforming the way firms serve crypto taxpayers and enabling them to efficiently serve new and existing clients with cryptoassets.”