Tax and accounting firms are spending more time and effort on cryptocurrency — especially as digital assets become increasingly common in clients’ portfolios. From recognition to reporting, CPAs are challenged to accurately and efficiently manage crypto transactions. Thomson Reuters and Ledgible have partnered to provide firms with a solution for cryptocurrency reporting that can streamline their workflow.

What challenges does FORVIS want to solve?

FORVIS doesn’t want its clients to struggle with crypto tax reporting. “Numerous times, clients provide us with CSV download files of their [crypto] transactions,” says Nik Fahrer, Senior Manager, FORVIS. “Calculating the overall tax gain [or] loss manually in spreadsheets is generally time consuming, costly, and inefficient.”

“In any given tax year, some clients may have tens of thousands of transactions. It is tedious and time-consuming to manually track, match, and calculate the cost basis and proceeds for each transaction in a subset of tens of thousands.”

FORVIS uses specialized crypto tax and accounting software from Ledgible, in partnership with Thomson Reuters, to better serve its clients. “Ledgible helps reduce [the] time and energy needed to compute a crypto tax gain [or] loss by automating the aggregation and reporting.” FORVIS, says Fahrer, uses Ledgible “to gather and report digital asset transactions for sophisticated tax clients.”

More details on the case study are available https://tax.thomsonreuters.com/en/insights/case-studies/forvis