Support your clients with the crypto ecosystem's most trusted tax calculation platform
CPA.com and Lukka
Crypto Asset Solutions
LukkaTax for Professionals: Supporting Clients with Taxable Crypto Transactions
February 6th, 12-1pm ET
CPA.com Partners with Lukka to Offer Crypto Asset Solutions
Erik Asgeirsson, President and CEO, CPA.com and Jake Benson, CEO and Founder of Lukka Inc. discuss the implications for CPA firms as crypto usage grows.
Introducing LukkaTax - a crypto tax preparation tool for tax practitioners!
Deliver accurate crypto tax calculations with confidence
For the 2019 tax season, the IRS has added a new question on virtual currencies, also known as cryptocurrencies, at the top of the 2019 Form 1040 Schedule 1. Since approximately 8 – 14% of the US population already own crypto assets, this is an important development for CPA firms and their clients.
The IRS has taken note. It is intensifying its focus on investors of virtual currencies, even sending letters to known crypto asset holders. Tax practitioners must be ready and able to respond to the needs of their clients invested in crypto, but many are unfamiliar with the deep complexities involved in tax calculation for this asset category.
Conversely, this presents an opportunity for firms to drive new revenue not only in consulting and preparing clients' 2019 tax returns but also amending prior year returns to comply with the IRS.
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 accounting professionals and is exclusively available as part of CPA.com’s preferred accounting firm 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
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
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.