Multinational media outlet Thomson Reuters has announced collaboration with Verady, a company that has expertise in record keeping and notification of cryptos and blockchain assets. The two firms will partner on introducing new crypto tax software to market.
Within short span of time, Thomson Reuters GoSystem Tax RS product will comprise of a “Virtual Currency Organizer” for individuals submitting details regarding crypto transactions on tax form 1040.
As per Thomson Reuters, the tax solution will cater as a one stop shop of data input and assessment for crypto currency transactions including forks, exchanges, purchases and payment for facilities offered.
This will offer accounting professionals with the right info required while assisting customers standardize cryptocurrency dealings.
Furthermore, customers of Varady’s Ledgible blockchain accounting software will not face any difficulty in preparing reports that are handy for Thomson Reuters’ GoSystem Tax and Ultra Tax software.
Kell Canty, CEO of Verady, told Cointelegraph:
“Once Ledgible users have integrated their wallet and exchange activity, they’ll be able to notify their accounting professionals that the data is ready to go. Tax preparers can then bring that data into the GoSystem Tax product, placing it in the virtual currency organizer.”
As per Canty, Thomson Reuters intends to introduce the Virtual Currency Organizer sometime in 2019. The cryptocurrency tax software will function as Thomson Reuters most recent crypto oriented platform.
The company already offers a price data feed for cryptocurrencies, referred to as “Cryptocurrency Real Time Rates.” In June 2018, Thomas Reuters also unveiled a new edition of its MarketPsych Indices (TRMI) that included market sentiment info for the top 100 cryptos.
Even though the Virtual Currency Organizer will be invaluable for investors with a crypto portfolio to manage their tax obligations in 2019, the difficulty lies in acquiring crypto data due to their decentralized structure. Canty elaborated that a key basis for Thomson Reuters to establish collaboration with Verady was to guarantee that dependable info is obtained.
“Thomson Reuters formed this partnership with us partly due to our impressive background in the field of tracking, reporting, and accounting of cryptocurrency and blockchain assets. This is a huge endorsement for what we are doing to provide integrated reporting of cryptocurrency data across different data sources.”
Canty highlighted that Verady has been assisting financial firms and other organizations document their blockchain assets as early as 2014. He also stated that the company assisted with Bitpay’s first audit in 2014. As US regulatory agencies are closely monitoring cryptos and tax conformity, Canty stated that Verady will explore integration with other systems in the months ahead.
“We are currently focused on making the collaboration with Thomson Reuters the best in the industry. As other opportunities come about, we will evaluate them on a case-by-case basis.”
Canty also stated that an investor of Verady, Shanghai-based Fenbushi Capital, has conveyed interest to utilize Ledgible’s software in the Asian Market. This is on expected lines as countries across the world are heeding to the US Internal Revenue Service (IRS) outlook regarding cryptocurrency tax conformity.
For example, IRS, for the first time, will openly demand for taxpayers to provide documents regarding their cryptocurrency activity, through a question at the top most part of its latest IRS Form 1040 Schedule 1.
Canty stated that “We think there are lots of opportunities across the entire industry and globally for the functionality that Verady offers for cryptocurrency taxpayers.”
