According to Lukka CCO Jeremy Drane, and RSM senior manager of international tax and blockchain / cryptos, Jamison Sites, the partnership will pave way for RSM’s individual and enterprise customers to gain access to ‘Lukka Crypto Office’ and ‘LukkaTax for Professionals’ platforms that will assist in completing tax obligations.
Jamison Sites revealed that it started studying several cryptocurrency tax software after interacting with the US Treasury and Internal Revenue Service (IRS) in the final part of 2018 and early 2019.
On the basis of interactions, Sites claims that “RSM understood that upcoming IRS guidance would require our digital asset clients to prepare a much more complicated calculation going forward.”
After assessing the cryptocurrency tax software industry, RSM selected Lukka on the basis of its “scalable infrastructure” and “focus on delivering highly specialized tax capabilities unique to crypto assets.”
Even though discussions about the prevailing collaboration started in August 2019, Sites revealed that RSM got in touch with Lukka in the last leg of 2018 when one of its clients urgently required about $20 million worth cryptocurrency transactions to be accounted for.
Jamison Sites said “[W]e had a client that needed an urgent basis calculation for a large volume of trades, roughly 20 million. Lukka’s team came through with impressive results,” he states.
Lukka CCO Jeremy Drane highlighted that both firms “have been collaborating and working on client-specific crypto tax issues” since RSM initially got in touch with Lukka.
Drane further stated:
“Since then, the two firms maintained regular correspondence to discuss market news as well as tools and features the RSM tax teams desired in a digital asset software.”
Last month, Lukka unveiled ‘Lukka Library’, which consists of an interactive repository of research documents related to cryptocurrency taxation problems.
The library also offers books encompassing over 75 topics, written by over two dozen academic and law professionals.