Because of enormous growth and acceptance by investors, consumers, and financial institutions, cryptocurrency is gaining popularity and moving into the mainstream. The market capitalization of all crypto assets is in the billions of dollars, implying that tax and accounting experts want a blockchain-specific tax solution. The Ledgible Crypto Platform automatically recognises taxable crypto transactions and calculates the gain/loss in the required reporting format for both individuals and tax preparation services.
One of the most difficult challenges for cryptocurrency owners and tax specialists is accounting, tracking, and managing all crypto data across numerous wallets and exchanges in order to compute gains/losses and income. The most essential aspect is that holders do not get monthly statements.
Ledgible, formerly known as Verady, has announced that the company’s entire crypto tax management and reporting solution has been united under the Ledgible Platform to combine traditional finance and accounting with the new domain of cryptocurrency and Decentralized Finance (DeFi).
Cryptocurrency is becoming more popular and mainstream as a result of enormous rises and acceptance by investors, consumers, and financial institutions. The market capitalization of all crypto assets is in billions, implying that tax and accounting experts want a blockchain-specific tax solution.
This announcement follows on the heels of Ledgible Crypto’s full integration with the world’s leading professional tax software systems. Tax professionals utilise these integrated tax platforms to file more than half of all tax returns in the United States. With over 50 million Americans owning crypto assets, Ledgible Crypto’s ability to assist financial advisers in handling this new asset class for reporting and planning is crucial.
“With the commencement of tax season this week, we would really like to make Ledgible accessible to all the dedicated financial planners who are realising they have customers with crypto while preparing 2021 tax forms.” “The first question on the 1040 form now checks if the filer has crypto,” said Kell Canty, CEO of Ledgible. “At Ledgible, our mission is to assist enable tax professionals to satisfy their customers’ crypto requirements.” The Ledgible Crypto Platform automatically recognises taxable crypto transactions and estimates the gain/loss in the required summary report for both individuals and tax planning services.
Monthly statements are not sent to holders, and the process is time-consuming and difficult to do manually. While many transactions, such as selling crypto for US dollars or other traditional currencies, are well understood, there are several nuances specific to crypto, such as NFTs, swapping, hard forks, airdrops, and making a crypto purchase, as well as income from mining, staking, and other DeFi activities.
The Ledgible Crypto Platform provides a bridge between crypto-assets and traditional financial accounting, as well as the most advanced platform available for calculating crypto tax obligations and providing that data to professional tax filing systems. Ledgible Crypto Tax is a SOC 1 & 2 audited platform for tax professionals that includes client and team administration, collaboration-driven workflow, and sophisticated crypto tax capabilities.
The platform generates IRS Form 8949 and other reporting forms that may be immediately imported into filing systems with all major tax and accounting software. The Ledgible Platform is compatible with numerous blockchains, cryptocurrency exchanges, and wallets.
In addition to the unification of the Ledgible brand, the Company hired two new executives. Trevor English is the VP of Marketing, and he is executing a SaaS brand strategy to accelerate the company’s growth and raise awareness about cryptocurrency tax responsibilities. Joe Stephens was also hired as CFO, where he is in charge of financial operations planning and reporting.