Bitcoin

Bitcoin Daily: Lukka Launches TurboTax For Crypto

Bitcoin Daily: Lukka Launches TurboTax For Crypto, Crypto Exchange BottlePay Shuts Down

Cryptocurrency accounting firm Lukka has released a new service that will figure out the taxes on crypto assets, according to a report by CoinDesk.

The new service comes on the heels of an announcement by the Internal Revenue Service (IRS) that it was changing the guidelines for how taxes were calculated. The IRS hasn’t changed the guidelines since 2014, when the crypto market was younger and there weren’t as many people holding digital assets.

“One of the first questions on the IRS’s tax form is whether you have crypto assets,” Lukka CEO Jake Benson said. “It is a question that taxpayers cannot ignore anymore.”

Investors can digitally submit records of transactions from crypto exchanges directly onto Lukka’s website, and the software will analyze the data and figure out the taxes. 

Lukka partnered with CPA.com, which is a subsidiary of the American Institute of Certified Public Accountants, to offer the service. Benson said that the institute only picks one partner in every industry to work with, so the partnership is a significant one.

Lukka was formed in 2014 and was formerly called Libra, and it’s one of the first crypto investor accounting firms. It mostly serves institutional investors. The service costs about $20 for a year subscription, and about $10 if it’s bought before January. 

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW