Ledgible, a leading platform for tax and accounting of cryptocurrency assets, has announced that its comprehensive crypto tax management solution and reporting solution are now integrated under the Ledgible Platform. This allows traditional finance and accounting to be connected with Decentralized Finance (Defi) and the new realms of cryptocurrency. Due to massive adoptions by consumers, investors, and financial institutions, crypto continues to gain popularity. All crypto assets have a market cap of trillions, which means that tax and accounting professionals require a tax solution tailored to the blockchain.
This announcement is made alongside Ledgible Crypto’s integration into top tax software solutions around the globe. Tax professionals use these integrated platforms to file more than half of all US tax returns. Ledgible Crypto is essential for financial advisors who want to help their clients with crypto asset planning and reporting.
“With tax season starting this week, we want Ledgible to be made available to all hardworking tax professionals who discover they have clients with cryptocurrency when filing 2021 tax returns. The 1040 form’s first question now asks if the filer is a crypto user,” stated Kell Cannon, CEO at Ledgible. Ledgible’s goal is to empower tax professionals to meet their clients’ crypto requirements. Ledgible Crypto Platform automatically detects tax-deductible crypto transactions and calculates gain or loss in the appropriate reporting format for individuals and tax preparation companies.
Crypto holders and tax professionals face the greatest challenge of all: to track and account for all crypto data across multiple exchanges and wallets in order to calculate income and gains. Monthly statements are not sent to holders, and it is tedious and time-consuming to manually do this. Although many transactions such as selling crypto for US dollars, or other traditional currencies, are well-understood, there are many nuances to crypto, including NFTs, swapping and hard forks, airdrops, making a purchase, and income from mining, stake and other Defi activities.
Ledgible Crypto Platform acts as a bridge between crypto assets, traditional financial accounting, and is the most advanced platform for determining and delivering crypto tax liabilities to professional tax filing systems. Ledgible crypto Tax is a SOC 1 and 2 Audited platform. It features client and team management, collaborative workflows, and advanced crypto-tax features for tax professionals. The platform generates IRS Form 8949, as well as other formats that can be imported into all major accounting and tax software. Ledgible Platform allows for integrations with major cryptocurrency exchanges and wallets.
The Company also added two new employees to its Ledgible brand. Trevor English is the VP of Marketing. He is responsible for implementing the SaaS brand strategy and increasing awareness about crypto tax obligations. Joe Stephens joined the company as CFO, where he manages financial operations planning.