Generative Data Intelligence

Ledgible Launches Assessment for Digital Asset Companies 1099-DA

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In a move that feels a bit like spring cleaning for digital paperwork, Ledgible has launched a new Readiness Assessment program. This initiative comes hot on the heels of the Internal Revenue Service’s introduction of the draft Form 1099-DA, a new beacon in the foggy waters of digital asset tax reporting. With this program, Ledgible isn’t just handing out a lifeline; it’s offering a full-on survival kit for navigating the upcoming changes in tax regulation.

A Closer Look at the Readiness Assessment Program Imagine you’re gearing up for a major trek—the kind where you need to be sure every piece of gear is working perfectly. That’s essentially what Ledgible’s new program does for companies deep in the digital asset game. It’s a thorough check-up from head to toe (or from ledger to ledger), ensuring everything is in tip-top shape for when the IRS starts knocking on digital doors asking for the 1099-DA.

This isn’t just about ticking boxes. It’s about giving companies the inside track on compliance, making sure they’re not just ready but ahead of the curve. After all, in the world of digital assets, being prepared isn’t just nice; it’s necessary.

Why the 1099-DA Form is a Game-Changer The IRS isn’t known for its light touch, and with the introduction of the 1099-DA form, it’s clear they mean business. This form is set to become the new standard for how digital assets are reported, changing the game for everyone from blockchain startups to big banks. It’s like when the referee changes the rules mid-game; you’ve got to adapt fast or risk falling behind.

Ledgible’s readiness program is designed to help companies do just that. By providing a clear map of the new terrain, Ledgible is helping companies navigate through these regulatory rapids with fewer bumps along the way.

Words from the Wise Kell Canty, the CEO of Ledgible, puts it plainly: “Our team of digital asset tax information reporting experts are here to scope your enterprise’s readiness for current and upcoming digital asset reporting demands.” It’s clear that Canty isn’t just playing the game; he’s trying to give his clients the playbook.

And it’s not just Canty who’s in the trenches. Jessalyn Dean, Ledgible’s VP of Tax Information Reporting, has been actively engaging with the IRS, ensuring that the voices of digital asset companies are heard. It’s a bit like having a scout in enemy territory, bringing back vital information to fortify defenses.

Why It Matters This is more than just compliance; it’s about setting a standard in a rapidly evolving field. As digital assets continue to blur the lines of traditional finance, staying ahead of tax obligations isn’t just good practice—it’s essential for survival. Ledgible’s readiness assessment isn’t just preparing companies for a new form; it’s preparing them for the future of finance.

With the IRS setting its sights on digital assets, the message is clear: Get ready, or get left behind. Ledgible’s readiness assessment could just be the difference between thriving and barely surviving in the new era of digital asset taxation.

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