Ledgible Releases Whitepaper on New Digital Asset Tax Reporting Regulations, Offers Expert Analysis

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
[email protected] 

SOURCE Ledgible