Support your clients with the crypto ecosystem's most trusted tax calculation platform
CPA.com and Lukka
Crypto Asset Solutions
Preparing for the 2020 Crypto Tax Reporting & Compliance Seasons
Navigating the World of Crypto Tax Reporting
Not all crypto tax calculators are created equal. Calculate your clients crypto taxes with confidence!
Deliver accurate crypto tax calculations with confidence
Crypto assets are here to stay, so it comes as no surprise that the IRS has taken note. For the 2020 tax season, the IRS has transitioned the virtual currency question from Schedule 1 to page 1 of Form 1040, emphasizing to the approximate 14% of U.S. taxpayers who own crypto assets, the importance of accurately reporting their crypto income.
For accounting firms this is an important development, as you play a pivotal role as trusted advisors to your clients by informing, educating, and helping clients navigate the new IRS guidance, while accurately reporting crypto income and ensuring compliance. Now more than ever, with the IRS’s increased scrutiny of crypto asset reporting, firms have an opportunity to enhance their tax services through consultation and preparation of clients’ returns, resulting in additional revenue.
To support the profession, CPA.com and Lukka have partnered to provide CPA firms with an advanced virtual currency tax preparation platform – LukkaTax for Professionals. This intuitive software is built specifically for the accounting professional to deliver accurate crypto tax calculations and is exclusively available as part of CPA.com’s preferred tax solutions.
LukkaTax Partner Program
Exclusively through CPA.com!
The Lukka Partner Program helps accountants serve existing clients, scale operations, and drive new revenue streams through educational programs and powerful crypto asset solutions. Through the program, tax practitioners can better understand and address the unique challenges of the evolving crypto investment landscape.
How LukkaTax Works
Lukka Library: Resources to Help Build Your Crypto Acumen
- Access year-round content and knowledge on the cryptocurrency ecosystem and develop your skill set to break into the crypto market
- Content written by crypto industry experts such as CPAs & Tax Attorneys, Auditors & Regulators, and Professional Traders & Expert Individuals sharing their unique perspectives, opinions and debates on varying crypto topics
- Over 75+ papers on multiple crypto subjects including Tax Reporting, Forks & Air Drops, Mining & Staking and more.
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From gathering trade data to calculating gain/loss, Lukka ensures accuracy through every step of the tax calculation process.
Here's what Lukka can do for you and your clients:
Automate Data Collection:
- Efficiently collecting transactions across the distributed crypto ecosystem via methods that enable data completeness
Resolve Industry Discrepancies
- Automatically standardizing crypto tickers/pairs to eliminate data inconsistencies
Determine Fair Market Value (FMV)
- Appropriately using a FMV-based valuation methodology — not index pricing
Manage the Complexities
- Accurately accounting for mining income, spot and margin trades, transfers and fees
Match Your Tax Lots
- Optimizing transaction matching at a global level — not at an exchange level
Deliver Accounting Flexibility
- Providing multiple accounting methodologies for managing tax liability
- Easily storing and generating tax lot and Form 8949 outputs and reports
- Reducing risk by utilizing the only SOC1 TYPE2 and SOC2 TYPE2 crypto reporting infrastructure
Read our FAQ to learn moreFAQ
Get started with LukkaTax today!
It's only $40 per tax return, irrespective of the number of crypto transactions your clients may have.
Additional CPA.com and Lukka resources to keep you more informed:
Only CPA.com offers your firm this level of cryptocurrency support and strategy
The power of smart business
The accounting landscape is changing rapidly. In a word, "complexity" defines the single greatest challenge and opportunity facing decision-makers in business today. Firms are rethinking their strategies for tax, accounting and finance departments.
CPA.com is your primary source for taking the complexity out of moving your firm into the digital arena - enabling you to focus on growing your business with the smartest solutions in our industry.