Recent legislation would require crypto brokers to provide year-end tax information reporting starting in 2023. In preparation, firms must begin implementing solutions in 2022.
Compliance and total cost of ownership are only two criteria in selecting the best enterprise solution for your organization. Many investors find crypto taxation complex and confusing. Providing simple and adaptable cost basis and tax reporting data to your clients can remove the barrier for investor adoption.
What are the challenges around crypto taxation?
Crypto transactions present significant challenges to the traditional tax compliance framework for taxpayers, financial institutions, and the tax authority alike. As crypto transactions rapidly innovate beyond mere holding and trading of cryptocurrencies to such areas as crypto lending and borrowing and other niches in the world of decentralized finance, there are increasing gaps in applicable tax guidance.
Uncertain as the current state of crypto taxation in the U.S. is, institutions facilitating crypto transactions will need to assess their compliance obligations under existing tax rules. To address this, institutions need to implement robust reporting solutions.
Unparalleled cost basis calculations and tax reporting
Refinitiv Maxit Crypto Tax supports all digital assets with cost basis calculations and tax reporting delivered in a single comprehensive platform, or as stand-alone cost basis or tax reporting solutions.
Providing an unparalleled reporting experience with highest data quality for integrated cost basis and tax reporting within a single vendor and support model.
Meeting all cost basis and tax reporting IRS requirements and diminishing error rates and multisystem discrepancies.
Providing access to consolidated tax reporting statements 1099-B and 1099-MISC, as well as support for forks, airdrops and transfers.
Helps crypto firms increasing investor adoption with real time cost basis and simpler tax reporting.
Learn more with our cryptocurrency tax resources
Tax Developments & Insights | July 2021
Tax information reporting discussions in June centred on the Biden Administration’s Green Book proposals relating to more comprehensive tax information reporting. But there are a few other tidbits as well: continued angst over the 1 January 2022 effective date of the section 1446(f) regulations for brokers.
We're here for you
Have questions? We're here to help. Talk to a real person and get the answers that matter most.