ATLANTA, July 15,
2024 /PRNewswire/ -- Ledgible today announced
the availability of their free whitepaper detailing expert analysis
of new digital asset tax reporting regulations from the IRS and
U.S. Treasury. The whitepaper, titled "The Impact of Final Digital
Asset Tax Reporting Regulations", was authored by tax and
accounting expert Jessalyn Dean, VP
of Tax Information Reporting at Ledgible.
"After analyzing over 400 pages of new guidance, we believe that
the IRS and U.S. Treasury have addressed a number of critical
implementation issues regarding custodial and hosted broker
reporting in a positive way. We are pleased that they adopted a
number of our comment letter and testimony recommendations,
including exempting tokenized money market funds from Form 1099
reporting similar to their non-tokenized counterparts, amongst
others," said Ledgible's Jessalyn
Dean. "Beware though, digital asset platforms not offering
hosted wallet services are not out of the woods yet. Some of them
may still be in-scope of gross proceeds and cost basis reporting
where they have outsourced the hosted wallet infrastructure to a
third-party, sometimes referred to as white-labeled wallets or
wallets-as-a-service. All digital asset platforms should take care
to consider the impact of these final regulations."
Included in the whitepaper is a timeline of the now final broker
regulations and when they take effect. Particularly notable,
starting on January 1, 2025, brokers
must begin tracking new sales of digital assets. Starting now,
brokers must also begin work on collecting and verifying full
customer TINs.
"The digital asset industry now has a concrete answer as to when
new reporting requirements will take effect," said Ledgible CEO
Kell Canty. "Now begins the important work of preparing for and
complying with the finalized regulations. The Ledgible team is
already helping brokers across the industry with their digital
asset tax information reporting needs."
Ledgible's whitepaper regarding finalized digital asset tax
reporting regulations, titled "The Impact of Final Digital Asset
Tax Reporting Regulations," can be viewed on their website.
About Ledgible
The Ledgible platform is built from the ground up to
streamline digital asset tax information reporting and compliance.
Ledgible ensures compliance for digital assets for some of the
largest financial institutions in the world, including top 5 US
banks, investment firms with $1B+ AUM, and top 10
crypto exchanges. As a SOC 1 & 2 Type 2 Certified
platform, Ledgible is the trusted provider of choice for compliance
and Form 1099 generation.
Contact:
Jan Jahosky
407-331-4699
380313@email4pr.com
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SOURCE Ledgible