Thomson Reuters and Ledgible Collaborate to Ease Tax Reporting for Businesses Involved in Digital Asset Transactions
In a strategic move to streamline tax reporting for digital assets, Thomson Reuters and Ledgible have joined forces. This partnership aims to address the complexities of tax compliance in the rapidly evolving digital asset landscape.
The collaboration integrates Ledgible's digital asset tax expertise with Thomson Reuters ONESOURCE Tax Information Reporting (OTIR) platform. This integration is designed to automate transaction tracking, cost basis reporting, and regulatory compliance for cryptocurrency transactions.
OTIR, a platform that already simplifies the process of filing Tax Information Reporting to the IRS, states, and localities, will now be enhanced with Ledgible's specialized expertise. This partnership will enable businesses to automatically pull crypto data from various sources, normalize it, calculate cost basis, track tax lots, and report the required information to the IRS and states.
Kell Canty, CEO of Ledgible, commented on the partnership, stating, "This marks a significant step forward in simplifying digital asset tax and accounting." He further emphasized that the partnership empowers businesses to confidently meet the stringent demands of the crypto brokerage reporting regulations and the new Form 1099-DA, which is expected to be enforced starting in 2025.
Thomson Reuters, known for its industry-leading tax compliance infrastructure, and Ledgible, a platform that streamlines digital asset tax compliance with an API-driven solution, believe that this partnership will offer unparalleled accuracy and reduced compliance burdens for businesses.
This partnership is one of many strategic technology partnerships Thomson Reuters is pursuing to enhance product capabilities and deliver next-generation solutions. OTIR, built on the trusted Thomson Reuters tax infrastructure, is now ready to handle the complexities of digital asset tax reporting, reducing risk and ensuring compliance with evolving regulations.
In a world where digital assets are becoming increasingly prevalent, this partnership is a crucial step towards providing accurate, future-proof reporting with less manual effort. By preparing customers for upcoming regulatory changes, particularly the new crypto brokerage reporting and Form 1099-DA requirements, Thomson Reuters and Ledgible are setting the stage for a more efficient and compliant digital asset economy.
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