Silver Cost Basis and Sovos Partner to Offer End-to-End Tax Information Reporting for Cryptocurrency
Strategic alliance brings together cost basis and tax information reporting solutions to deliver automation to cryptocurrency brokerages, custodians, exchanges, and the taxpayers they support
NEW YORK, September 24, 2019 (Newswire.com) - Silver Cost Basis, an industry-leading regulatory cost basis solution provider, today announced it has partnered with Sovos, a global tax software leader, to offer a fully integrated cost basis and tax reporting solution for the cryptocurrency market. Joint clients of Silver and Sovos will avoid the risks of impending regulations through real-time cost basis and full information reporting automation.
In recent months, the United States’ Internal Revenue Service (IRS) sent more than 10,000 letters to Americans who may not have paid taxes on sales of virtual currencies, including Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH). Additionally, Her Majesty’s Revenue & Customs (HMRC), the United Kingdom’s tax authority, has requested that digital currency exchanges provide information about account holders and transaction activity. While tax authorities around the world are increasing enforcement, they haven’t yet provided clear guidance to cryptocurrency exchanges and their customers about how to report virtual currency transactions, leaving the industry to fill in the gaps.
“It is clear that cryptocurrency traders and their service providers are coming under the regulatory spotlight,” says Blake Henry, Silver’s CEO. “Together with Sovos, we provide accurate, real-time cost basis information in support of tax-aware trading and timely tax information reporting for our mutual cryptocurrency clients.”
Sovos Tax Information Reporting for cryptocurrency exchanges fully automates reporting and payment for traditional and modern transaction-level tax reporting. With the latest regulatory updates built in, Sovos eases the reporting burden on tax and finance teams while eliminating errors and the risk of late fees or penalties.
Paul Banker, general manager of tax information reporting at Sovos, said, “The crypto community needs to be able to easily and quickly adjust as regulations evolve. Our partnership with Silver Cost Basis gives joint clients the ability to perform cost-basis calculations, remain compliant in a shifting regulatory landscape, and prepare for increasing IRS interest in cryptocurrency.”
About Silver Management Group of Companies
Silver is a leading provider of business and technology solutions for the investment services industry. The Silver team applies decades of the security industry and software development experience, along with a passion for solving real-world problems, to deliver cost-effective brokerage operations and regulatory cost basis solutions for our clients. Silver's strategic partners provide complementary services, software, and market data to enhance Silver solutions. Silver's proprietary software solutions are currently used by some of the world's most respected financial institutions to process tens of millions of investment accounts and trillions in assets.
For more information, please call (800) 319-6865 or visit www.silvermanagement.com.
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As tax compliance goes digital, businesses face increased risks, costs, and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance, and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America, and Europe. Sovos is owned by London-based Hg. For more information, visit www.sovos.com and follow us on LinkedIn and Twitter.
Source: Silver Management Group of Companies
Categories: Compliance and Regulations