Tax information reporting

Ledgible Launches Advanced Transaction Table, Expands 1099 Data Support

Retrieved on: 
Tuesday, December 5, 2023

ATLANTA, Dec. 5, 2023 /PRNewswire/ -- Ledgible, leaders in digital asset tax and 1099 reporting, has launched an advanced transaction table, underscoring the industry's increased focus on digital asset tax reporting and providing streamlined digital asset reporting tools for CPAs, accountants, and tax professionals. Additionally, the team continues to develop industry-leading partnerships to support the needs of the industry and streamline the digital asset tax reporting process.

Key Points: 
  • ATLANTA, Dec. 5, 2023 /PRNewswire/ -- Ledgible , leaders in digital asset tax and 1099 reporting, has launched an advanced transaction table, underscoring the industry's increased focus on digital asset tax reporting and providing streamlined digital asset reporting tools for CPAs, accountants, and tax professionals.
  • Additionally, the team continues to develop industry-leading partnerships to support the needs of the industry and streamline the digital asset tax reporting process.
  • "At Ledgible, we are committed to building best-in-class tools to support the growing needs of institutions and enterprises for digital asset reporting requirements," Ledgible CEO Kell Canty said.
  • "Our new transaction table delivers those tools and provides a simplified source for digital asset cost basis data."

New X9 Study Committee Will Investigate AI Product Offerings, With Focus on Suitability for Financial Industry Use

Retrieved on: 
Tuesday, May 16, 2023

The Accredited Standards Committee X9 Inc. ( X9 ) today announced that a new study group has been approved to investigate the field of Artificial Intelligence (AI).

Key Points: 
  • The Accredited Standards Committee X9 Inc. ( X9 ) today announced that a new study group has been approved to investigate the field of Artificial Intelligence (AI).
  • The group will initially investigate current AI product offerings and learn as much as possible about them, with special attention to products that could be used by the financial services industry.
  • Artificial intelligence (AI) can be defined as intelligence – including perceiving, synthesizing and inferring information – demonstrated by machines, as opposed to intelligence displayed by humans or animals.
  • The study group could investigate any aspect of AI that may pertain to or be usable by the financial industry.

New X9 Report Demystifies Quantum Computing Risks

Retrieved on: 
Thursday, December 1, 2022

The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it has published an updated version of its Informative Report titled "Quantum Computing Risks to the Financial Services Industry," denoted X9.IR-F01-2022.

Key Points: 
  • The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it has published an updated version of its Informative Report titled "Quantum Computing Risks to the Financial Services Industry," denoted X9.IR-F01-2022.
  • This second release of the X9 Informative Report provides background on the principles of quantum computing, the current state of quantum computing as it pertains to the financial industry, quantum's threat to current cryptography, and timing predictions and offers guidance on actions that organizations can take now to identify, prepare for and mitigate risks.
  • The report is written and maintained by the X9 Quantum Computing Risk Study Group.
  • X9 has created a brief video about the report and X9's ongoing work in the area of quantum computing.

SAE International's E-40 Electrified Propulsion Committee Releases Two Foundational Standards to Advance Sustainable Aviation and Electric Propulsion Aircraft

Retrieved on: 
Thursday, August 11, 2022

WARRENDALE, Pa., Aug. 11, 2022 /PRNewswire-PRWeb/ -- SAE International's E-40 Electrified Propulsion Committee has released its first two standards documents to enable electrified propulsion for aircraft.

Key Points: 
  • WARRENDALE, Pa., Aug. 11, 2022 /PRNewswire-PRWeb/ -- SAE International's E-40 Electrified Propulsion Committee has released its first two standards documents to enable electrified propulsion for aircraft.
  • ARP8676 - Nomenclature & Definitions for Electrified Propulsion Aircraft establishes common language on a new domain, new technologies, and new architectures that describe electrified propulsion aircraft to reach a common interpretation.
  • AIR8678 - Architecture Examples for Electrified Propulsion Aircraft categorizes electrified propulsion architectures and includes relevant examples.
  • The SAE International E-40 Electrified Propulsion Committee is a technical committee in SAE's Aerospace Propulsion Systems Group with the responsibility to develop and maintain technical reports (Aerospace Standards, Aerospace Recommended Practices, and Information Reports) covering electrified propulsion for aircraft.

Delek Logistics Partners, LP 2021 K-1 Tax Packages Available on Website

Retrieved on: 
Tuesday, March 15, 2022

BRENTWOOD, Tenn., March 15, 2022 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) today announced that 2021 K-1 tax packages are now available on its website, www.deleklogistics.com .

Key Points: 
  • BRENTWOOD, Tenn., March 15, 2022 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) today announced that 2021 K-1 tax packages are now available on its website, www.deleklogistics.com .
  • Unit holders may access their 2021 tax information by selecting the Tax Information link on the website.
  • Printing and mailing of these tax packages are currently underway.
  • Questions regarding the 2021 Tax Reporting Package can be addressed by contacting 1-855-301-4589 between 8:00 a.m. and 5:00 p.m. CST Monday through Friday, or via email at [email protected]
    Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE: DK) ("Delek US") to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.

ErisX Deploys Sovos Tax Information Reporting Solution for Crypto Offerings

Retrieved on: 
Thursday, April 29, 2021

"Sovos will help us provide ErisX Members with tax reporting information that will support their filing efforts and discussions with their tax advisors.

Key Points: 
  • "Sovos will help us provide ErisX Members with tax reporting information that will support their filing efforts and discussions with their tax advisors.
  • "\nSovos, which is a member of The Wall Street Blockchain Alliance and The Chamber of Digital Commerce, monitors crypto tax changes and advises customers of the evolving tax reporting regulation of cryptocurrency in the United States.\n"ErisX sought a tax software provider that could accommodate for both rapid growth and expanding tax information reporting demands," said Paul Banker, general manager of Tax and Regulatory Reporting at Sovos.
  • "As the largest private filer of 1099 forms, Sovos will ensure ErisX customers meet all tax reporting regulations during the 2021 tax season and beyond.
  • Visit https://sovos.com/solutions/cryptocurrency-tax-software/ .\nSovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more.

Sovos to Provide Automated Tax Information Reporting for Celsius Network in 2020 Tax Season and Beyond

Retrieved on: 
Tuesday, March 30, 2021

BOSTON, March 30, 2021 /PRNewswire-PRWeb/ --Global tax software leader Sovos today announced that cryptocurrency P2P lending platform Celsius has selected Sovos for its 1099 crypto tax information reporting needs.

Key Points: 
  • BOSTON, March 30, 2021 /PRNewswire-PRWeb/ --Global tax software leader Sovos today announced that cryptocurrency P2P lending platform Celsius has selected Sovos for its 1099 crypto tax information reporting needs.
  • U.S.-based investors, borrowers and lenders who traded on Celsius in 2020 will receive automated 1099 forms and filings in the upcoming tax season through the Sovos Tax Information Reporting solution .
  • "In tax season, crypto platforms need experienced partners to provide insight into IRS guidance and simplify an intimidating, complex process," said Paul Banker, general manager of Tax and Regulatory Reporting at Sovos.
  • Celsius joins other cryptocurrency exchange platforms such as Bitstamp , Paxos and BlockFi that also use Sovos for high-volume crypto tax reporting.

IRS Operation Hidden Treasure Cracks Down on Unreported Bitcoin and Crypto Users

Retrieved on: 
Thursday, March 25, 2021

As part of Operation Hidden Treasure, the IRS Criminal Investigation division has formed a dedicated team of IRS criminal investigation professionals to target taxpayers not reporting cryptocurrency transactions on their tax returns.

Key Points: 
  • As part of Operation Hidden Treasure, the IRS Criminal Investigation division has formed a dedicated team of IRS criminal investigation professionals to target taxpayers not reporting cryptocurrency transactions on their tax returns.
  • "To this day many taxpayers don't understand they MUST report crypto to the IRS or suffer the consequences.
  • The IRS believes that there are 18-21 million taxpayers who need to report crypto when filing 2020 tax returns.
  • The complexity of taxpayers transferring their crypto and not knowing the on-chain transaction history, leads to many IRS reporting difficulties.

Sovos Acquires LTtax, Strengthening Automated Tax Withholding Offerings

Retrieved on: 
Tuesday, December 8, 2020

The acquisition brings LTtax's withholding capabilities for wage income to Sovos' non-wage income withholding offerings, for a more complete and robust tax information reporting solution.

Key Points: 
  • The acquisition brings LTtax's withholding capabilities for wage income to Sovos' non-wage income withholding offerings, for a more complete and robust tax information reporting solution.
  • That automated withholding capability is also critical for non-wage income, and with this acquisition, Sovos will leverage the capabilities of LTtax technology to support withholding from annuity and pension distributions, nonresident alien and Foreign Account Tax Compliance Act (FATCA), and more.
  • "Combined with Sovos' deep withholding reconciliation capabilities, LTtax's automation delivers a complete, compelling solution for customers," said Andy Hovancik, CEO, Sovos.
  • Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more.

Cryptocurrency Leader Bitstamp Selects Sovos for Tax Information Reporting

Retrieved on: 
Monday, November 23, 2020

BOSTON, Nov. 23, 2020 /PRNewswire-PRWeb/ --Global tax software leader Sovos today announced that cryptocurrency exchange Bitstamp has selected Sovos for its 1099 crypto tax information reporting needs.

Key Points: 
  • BOSTON, Nov. 23, 2020 /PRNewswire-PRWeb/ --Global tax software leader Sovos today announced that cryptocurrency exchange Bitstamp has selected Sovos for its 1099 crypto tax information reporting needs.
  • As virtual currency scrutiny grows at the IRS, the company will use the Sovos Tax Information Reporting solution to fully automate reporting and payment for traditional and modern transaction-level tax reporting, as well as deliver real-time regulatory compliance, freeing teams from the work required to monitor, interpret and deliver regulatory content.
  • Bitstamp joins other crypto industry pioneers -- including Paxos , Gemini and BlockFi -- that have turned to Sovos for high-volume crypto tax reporting.
  • Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction control compliance, tax reporting and more.