ledgible main logo verady

March 18, 2021

Bitcoin and Crypto Tax Best Practices

Knowledge Center » News » Bitcoin and Crypto Tax Best Practices

The teams at Ledgible and Boomer consulting have done it again!

Our new white paper tackling and setting the standard for best practices on Crypto Tax is now available.  Check out the excerpt below and then click over to the full PDF!

Virtual currency and crypto tax reporting continues to be top enforcement priorities for the IRS. With the virtual currency question moving to the first page of Form 1040, is your firm prepared to serve some of the 12 to 21 million taxpayers who will need help reporting cryptocurrency transactions to the IRS?

The IRS is prioritizing rooting out cryptocurrency tax evasion in the coming years. At a Federal Bar Association presentation on fraud enforcement priorities, Damon Rowe, Director of the Office of Fraud Enforcement at the IRS, announced "Operation Hidden Treasure." This initiative includes a dedicated team of criminal investigators trained in virtual currency tracking. They ll be looking for tell-tale signs of cryptocurrency activity to ensure that all U.S. taxpayers pay appropriate taxes on their crypto transactions.

This white paper provides an overview of the challenges crypto tax provides for professionals and best practices for integrating it into your existing workflows. We'll explain how your firm can implement an end-to-end crypto workflow to maintain efficiency, minimize risk, improve the client experience, and automate data entry into your tax software.

Bitcoin Crypto Tax with Boomer and Ledgible

https://ledgible.io/wp-content/uploads/2021/03/Ledgible-Boomer-Best-Practices-in-Crypto-Tax-Reporting-and-Workflow-Automation.pdf

Stay up to date

Get the latest Ledgible and Crypto Tax/Accounting news by signing up for our newsletter.
gdf-logoABC Logo
Ledgible Logo
SOC Badge
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram