lukka crypto tax
Lukka Announces A Crypto Focused Tax Preparation Product
December 19, 2019
lukka crypto tax
Lukka Announces A Crypto Focused Tax Preparation Product
December 19, 2019

Crypto accounting firm Lukka has announced a “do-it-yourself” crypto tax preparation product tailored for retail investors.

The product also known as LukkaTax is evolved from LibraTax, a commercial crypto tax calculator Lukka released in 2014 when the company was first formed.

A Solution For Taxpayers

Lukka has been focused on providing institutional-grade solutions to crypto funds, fund administrators and enterprises. The company is now catering to retail investors who must specify to the IRS their transactions in virtual currencies.

lukkatax

Lukka CEO Jake Benson

“This year we are focused on the retail investor because for the first time in six years, the IRS has clarified for taxpayers how they want to treat cryptocurrency. There is a new question that appears first on the IRS schedule 1 tax form that asks, ‘do you have any transactions in virtual currencies for this year?’”

Benson states that 2019 is the first year that the IRS will ask taxpayers to document their virtual currency activity, prioritizing this question to the top of its new IRS Form 1040 Schedule 1.

ALSO READ :  Libra Supported by Singapore Dollar

Benson adds:

“Six years ago, taxpayers had to report gains and losses for any asset, but this has largely been avoided, as it was never explicitly stated. This year, the question is specifically mentioned first on a major tax form.”

Benson noted that there are two versions of the LukkaTax product for:

  • Individuals
  • Certified public accountants

Benson also said that there have been talks with major exchanges to partner with Lukka in the future.

“We already partner with major players like Kraken, Circle and ShapeShift and we are in discussions with others as well.”


Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.