Digital Currency Revolution Series: Thomson Reuters’ ‘GoSystem Tax RS’ Unveils Tool For Crypto Taxation

Of late, the tax authorities and big multinational companies, across the globe, have been constantly shedding light on crypto-taxation norms.

The US tax agency, IRS (Internal Revenue Services) enforces the tax legislations, primarily through the examination of tax returns that are identified as having the highest potential noncompliance.

Ernst & Young has always been on top of the crypto and blockchain industry, in the past the firm acquired technology assets and related patents of the Crypto-Asset Accounting and Tax (CAAT), the technology developed by Elevated Consciousness.

Now, the renowned global media conglomerate, Thomson Reuters Corporation has announced that its Individual ‘GoSystem Tax RS’ is launching a “Virtual Currency Organizer” for IRS 1040 form preparation. The tool provides a sophisticated web-based system that provides the power to handle your most complex tax scenarios. 

The tool is utilized by the pool of top 100 CPA firms, ‘GoSystem Tax RS’ is the market leader for corporate tax departments. Highly scalable, it can handle your workflow no matter the size of your firm. The software serves clients filing all return types including multitiered consolidated corporate returns, life insurance returns (including mixed group filings), and tax equalization returns. Because all work is handled online, you’ll pay less in maintenance costs, face fewer storage issues, and rest easy with assured business continuance.

IRS has now come up with the new draft of its Schedule 1 form, this has been a key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. 

In order to render the latest professional service, Thomson Reuters has partnered with ‘Verady’ who specializes in the accounting and reporting of cryptocurrencies. Verady and their Ledgible platform are the worldwide leader in the field of tracking, reporting, and accounting of cryptocurrency and blockchain assets. Ledgible allows Investors, tax preparers and financial institutions to perform AICPA SOC assured portfolio tracking and reporting of cryptocurrency activity. Ledgible has been specifically built to simplify the painful and complex process of consolidating records from exchanges, wallets, blockchains, and other cryptocurrency data sources.

During F.Y. 2019, those tax assesses who are involved in a transaction pertaining to the virtual currency are instructed to file Schedule 1. And, the highlights of draft of the IRS’s 1040 form predominantly questions the tax assesses whether there has been any receipts or any financial interest from crypto dealings or adjustments to such incomes during F.Y. 2019. There have been couple of questions pertaining to such data collection.