Thomson Reuters and Verady Team Up for Crypto Tax Revolution

Shaking Hands with Virtual Reality

On December 19, Thomson Reuters made headlines by joining forces with Verady, a firm known for its prowess in cryptocurrency accounting. Together, they’re unleashing a groundbreaking tool aimed at simplifying how individuals report their digital currency transactions come tax season.

A Tax Tool Worth Its Weight in Bitcoin

The star of the show? The new “Virtual Currency Organizer” that seamlessly integrates into Thomson Reuters’ GoSystem Tax RS product. This tool will not only streamline the tax reporting process for cryptocurrency transactions but also serve as the go-to resource for all your Bitcoin, Ethereum, and whatever else you’re into!

• Easy Data Entry: Act as your personal finance assistant and keep track of exchanges, forks, purchases, and even payments for services with ease.
• Accuracy is Key: Forgot where you bought your last Bitcoin? No worries! The tool helps accounting professionals ensure all transaction data is accurate and up-to-date.

Verady’s Smart Solutions

How does this work in practice? Well, if you’re using Verady’s Ledgible blockchain accounting platform, you can prepare your reports in a jiffy. Just integrate your wallet and exchange activity, and then tap your favorite tax preparer on the shoulder to notify them that you’re ready to roll!

“Once Ledgible users have integrated their wallet activity, they’ll notify their accounting professionals that the data is ready,” said Kell Canty, CEO of Verady.

Data Integrity in a Decentralized World

Now let’s address the elephant in the digital room: reliable data. Cryptocurrencies are notoriously challenging to track due to their decentralized nature, which is why this partnership is such a shot in the arm for the industry. As Canty pointed out, the massive endorsement from Thomson Reuters speaks volumes about Verady’s credibility in tracking and reporting cryptocurrency data.

Looking Ahead

With U.S. regulators sharpening their focus on virtual assets and tax compliance, both companies are committed to leveraging this partnership for industry-leading solutions. Canty hinted that future integrations are likely, particularly with global interest in U.S. cryptocurrency tax compliance on the rise.

The International Ripple Effect

This collaborative effort isn’t just bound to U.S. borders. With an investor base as eclectic as Fenbushi Capital looking to tap into the Asian market, it’s clear that the demand for streamlined cryptocurrency tax solutions is growing worldwide.

As Canty aptly put it, “We think there are lots of opportunities across the entire industry and globally for the functionality that Verady offers for cryptocurrency taxpayers.” Well, we certainly won’t argue with that!