Several days ago, Canadian multinational media conglomerate Thomson Reuters formed a partnership with Verady. On December 19, it made an announcement which will please crypto owners as well as their accountants.
According to this statement, Thomson Reuters plans to create the new cryptocurrency tax tool in cooperation with Verady. As a reminder, this company specializes in the accounting and reporting of cryptocurrencies and blockchain assets.
Thanks to this cooperation, Thomson Reuters GoSystem Tax RS product will include a “Virtual Currency Organizer.”
The tax tool will serve as a single post of data entry and review for crypto-related transactions. For example, exchanges, purchases, and payment for services fall under this category.
As mentioned, above this tool will make life easier for the accounting professionals. The clients of Varady’s Ledgible blockchain accounting platform will be able to create reports that are ready for GoSystem Tax and Ultra Tax products.
According to Kell Canty, who is the CEO of Verady, clients who integrated their wallet and exchange activity can benefit from his new tool.
For instance, a person who is using this service will be able to notify the accounting professionals that the data is ready to go. Accountants will bring this data into the GoSystem Tax product and will place it in the virtual currency organizer.
Crypto markets and the new tool
It is no secret that gathering reliable information is not an easy task when it comes to crypto markets. Moreover, even a small mistake or inaccuracy may cause problems for crypto owners.
Thomson Reuters partnered with Verady to tackle this issue. It was a good idea to create a new cryptocurrency tax tool in cooperation with Verady. This company knows how to help financial institutions and organizations when it comes to dealing with blockchain assets.
As a reminder starting from this year, the U.S. Internal Revenue Service will explicitly ask taxpayers to provide information about their virtual currency activity. This question will be part of the new IRS Form 1040.