As blockchain and cryptocurrency trading has been increasing its wings in every industry, there is a growing demand for regulations, especially in the United States, where a high level of discrepancies can be observed in the cryptocurrency transactions.
Atlanta based crypto auditing firm Verady, in collaboration with media giant Thomson Reuters has thus developed a software tool “Virtual Currency Organizer” for crypto- taxation to bring the cryptocurrency industry under tax regime.
Owing to the non-clarity in tax-related regulations for cryptocurrency transactions, Verady’s blockchain-powered tax return tool is a boon to regulate the cryptocurrency bracket.
At the backdrop of recently restructured financial policies in the US, a chaotic environment can be witnessed in the crypto-related businesses and among the taxpayers.
Various financial regulatory authorities differ in their outlook on crypto tax-related matters. The Department of Treasury recognizes cryptocurrencies as a currency, whereas the IRS classifies cryptos as property. The CFTC treats them as a commodity.
Verady tapped in this loopholes in the crypto standards and has invented the technological framework for tax compliance in crypto space for tracking and reporting of cryptocurrency transactions. The collaboration is aimed at addressing the needs of the customer’s crypto business and providing them reliable solutions for more ease in tax return filings.
Kell Canty recently confirmed the collaboration news on twitter. He tweeted that they have collaborated with Thomson Reuters to develop a tool that will help for crypto tax returns with digital asset management.
Verady is proud to be collaborating with Thomson Reuters to bring industry leading Cryptocurrency Tax support to the profession!#tax #accounting #cryptocurrency #Blockchain @veradyinfo @TRTaxAcctFirms https://t.co/uAP5luoJVj
— Kell Canty (@KellCanty) December 20, 2019
Co-founder and CEO of Verady Kell Canty said,
“Thomson Reuters formed this partnership with us due to our impressive background in the field of tracking reporting and counting of cryptocurrency and blockchain asset. This is a huge endorsement for what we are doing to provide integrated reporting of cryptocurrency data across different data sources.”
He also said that Legible users have integrated their transactions that will ensure their data to be collected by the GoSystem Tax product and will proceed into the Virtual Currency Organizer.
Canty also informed that the Thomson Reuters would launch the Virtual Currency Organizer tool sometime in the upcoming days and will serve as the crypto-focused product for the Reuters.
What is the GoSystem Tax RS?
The Thomson Reuters GoSystem Tax RS will integrate with Virtual Currency Organizer for reporting cryptocurrency transactions. Go system Tax RS tool is the market leader in corporate tax. It caters to all types of tax returns, including multi-talented Council consolidated corporate Returns, tax equalization returns, and life insurance Returns. This software is highly efficient in handling any size of workflow and is also helpful in cost-cutting needs less storage with high scalability.
With the help of this, the improved technology, the Internal Revenue Service (IRS), has been able to keep vigilance on the crypto transactions and to track the discrepancies happening in this space. It thus has issued 10,000 taxpayers the guidelines for crypto-based tax returns in October 2019.
Legible Platform of Verady
Through this platform, Verady has been able to track and report the worldwide crypto and blockchains assets. The institutional taxpayers and individual taxpayers can pay crypto-related taxes through the simplified mechanism on the Legible platform. The high tech Legible platform consolidates the complicated process of collecting records and transactional data from various crypto resources including the wallets, exchanges among many others.
The reports for Go System Tax and Ultra tax can be available for the Legible users just on a single button click with full data auditability.
The platform helps crypto firms to verify their crypto assets and meet the demands of investors and regulators.
Another Tax tool VeraNet by Verady
Verady has developed another successful transaction network VeraNet in 2017, which runs auditing of cryptocurrency transactions across various blockchains.
What is Verady?
Verady is a crypto asset auditing and verification firm aimed at redefining the financial landscape of crypto-assets through auditing and verification process.
Verady has been established in October 2016 by Kell Canty and Nathan Eppinger. It is located in Georgia’s Advanced Technology Development Centre (ATDC).
What is Thomson Reuters?
Thomson Reuters is a multinational Media conglomerate, which provides most reliable news in international finance Business and current affair news on the global platform
Canty commented that there are ample opportunities for tax compliance in the global crypto industry and Verady is providing the solutions with its innovative financial products and Verady is looking forward to having more such collaborations.