Cryptocurrency accounting automation startup Lukka and accounting advisor CPA.com has entered into a partnership to launch a crypto asset tax preparation tool.

CPA.com made the announcement on Dec 9 describing the tool as the LukkaTax for Professionals digital asset preparation tool; for accountants planning to address issues that currently face companies in the crypto verse. In particular, CPA stated that it was planning to start providing the services; for valuing crypto assets and assurance in blockchain innovation. 
<h2>The Need for Automated Taxing</h2>
The accounting advisory noted that the decision to engage Luke in the project was inspired by the ever-growing  American community that trades cryptocurrencies. Hence creating the need to claim taxes on their respective holdings.  CEO and president of the CPA.com Erik Asgeirsson stated that the sharp increase : 
<blockquote>“The need for firms to understand the crypto asset category was; greatly accelerated with the IRS issuing thousands of compliance letters recently. The combination of an institutional-grade solution from Lukka; with our firm enablement capabilities will help firms address these complex client needs.”</blockquote>
Furthermore, the announcement stated that the tools dashboard enabled tax professionals to update multiple clients, as well as upload files for cutting data manipulation and mapping time. Lukka’s CEO stated that the significance of the accurate and timely cryptocurrency tax assessment for Certified Public Accountants (CPAs): 
<blockquote>We know that every CPA will need to pose the virtual currency question to their clients [...] With tens of millions of crypto asset holders in the United States, thousands of these CPAs will then have to deliver accurate crypto tax calculations. It’s challenging and you absolutely have to be correct.”</blockquote>
Meanwhile, <a href="https://www.cpa.com/" target="_blank" rel="noopener">CPA.com</a> is a subsidiary company of the American Institute of Certified Public Accountants. It is worth noting that the high need for appropriate cryptocurrency tax control created a fresh market for specialized accounting services. It is worth noting that the CPA.com is not the first firm capitalizing on this market. In November, a software development firm in Missouri, CryptoTrader.Tax l<a href="https://www.cryptoknowmics.com/crypto/cryptotrader-just-launched-new-software-for-reporting-crypto-taxes/" target="_blank" rel="noopener">aunched</a> a product tool to facilitate crypto tax reporting.

CPA.com and Crypto Startup to Jointly Launch Crypto Tax Tool

Cryptocurrency accounting automation startup Lukka and accounting advisor CPA.com has entered into a partnership to launch a crypto asset tax tool

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

CPA.com and Crypto Startup to Jointly Launch Crypto Tax Tool

Top Picks