ErisX Deploys Sovos Tax Information Reporting Solution for Crypto Offerings

April 29, 2021

Popular spot and futures platform selects tax and compliance software provider for 1099 and other third-party crypto reporting

BOSTON — April 29, 2021 — Global tax software leader Sovos today announced the launch of its integration with ErisX, a leading platform for investors for trading crypto spot and futures, to assist ErisX members with their 1099 crypto tax information reporting needs.

ErisX is an exchange and clearinghouse that includes a Commodity Futures Trading Commission-regulated futures market for Bitcoin and Ether, as well as a 24/7 spot market for Bitcoin, Bitcoin Cash, Ether and Litecoin. ErisX’s work with Sovos comes in the midst of the 2021 tax season in which the IRS has continued its efforts at tax compliance related to cryptocurrency assets. This year, the agency moved the virtual currency question to page one of the Form 1040 and adjusted crucial language about which cryptocurrency transactions must be disclosed. In March, the IRS updated FAQs in order to provide additional information for tax filers.

“We have established relationships with industry leading-firms such as Sovos to help our Members trading and holding crypto calculate and report their taxes appropriately,” said Bryan Stuart, chief financial officer, ErisX. “Sovos will help us provide ErisX Members with tax reporting information that will support their filing efforts and discussions with their tax advisors.” 

Sovos, 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.

“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.”

The IRS is expected to issue new guidance mandating increased 1099 reporting obligations. Learn how Sovos works with industry leaders in the crypto ecosystem to provide scalable solutions that automate reporting and protect from risk. Visit https://sovos.com/solutions/cryptocurrency-tax-software/.

###

About 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. The company supports more than 12,000 customers, including half of the Fortune 500, operating in over 70 countries. Its SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.

About ErisX

https://www.erisx.com/disclaimer/ 

ErisX offers individuals and institutions a single, innovative platform to access crypto spot and futures markets. By combining professional tools, advanced technology, sophisticated regulatory oversight, and a diverse product set, ErisX offers compliant, capital markets friendly workflows to digital market participants. Backed by some of the world’s largest trading firms and financial institutions, ErisX brings transparency and reliability to the digital asset class. ErisX, Eris Exchange, and the ErisX and Eris Exchange logos are trademarks of the Eris Exchange group of companies.

ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to Eris Clearing’s license to engage in virtual currency business activity by the New York State Department of Financial Services.

For Media Inquiries:

Sovos

Patrick Christman

patrickchristman@arpr.com

+1-855-300-8209

ErisX

Jessica Darmoni                                                                   

jessica.darmoni@erisx.com                               

+1-312-358-3963          

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Additional Press Releases

Tax Information Reporting
May 18, 2021
Sovos Integrates Digital Asset Tax Information Reporting and Unclaimed Property Compliance Solutions with Prime Trust

Crypto users benefit from automated regulatory reporting, compliance solutions and collaboration of two global financial leaders BOSTON, MAY 18, 2021 – Global tax software leader Sovos today announced the company has integrated its cryptocurrency tax information reporting and unclaimed property compliance solutions with Prime Trust. As the one-stop-shop for financial infrastructure, Prime Trust enables the world’s most innovative […]

Read More
Tax Compliance
May 11, 2021
Sovos Named Finalist for SIIA CODiE Award’s Best Compliance Solution

Sovos Continuous Transaction Control Compliance recognized for its ability to mitigate risks associated with e-invoicing compliance globally BOSTON, MAY 11, 2021 – Global tax software provider Sovos announced today that Sovos Continuous Transaction Control Compliance was named a 2021 SIIA CODiE Award finalist in the Best Compliance Solution category. SIIA CODiE finalists represent the best products, technologies and services in […]

Read More
May 3, 2021
Sovos Acquires Digital Enablement Business of Chile-Based Acepta

Largest non-U.S. acquisition brings Sovos new capabilities to support tax compliance in digital economies; scales e-invoicing, e-receipt and e-document support for SMBs around the world BOSTON – May 3, 2021 – Global tax software provider Sovos today announced it has acquired the digital enablement business of Chile-based Acepta, one of the region’s leading providers of […]

Read More
North America ShipCompliant
April 21, 2021
Sovos ShipCompliant Adds Audit Protection and Cost Savings for Wine, Beer and Spirits DtC Shipments in 24 Streamlined Member States

Qualified direct-to-consumer (DtC) shippers using Sovos ShipCompliant for sales tax compliance gain new benefits in 24 Streamlined States  (BOSTON) April 21, 2021 – Last year, the Streamlined Sales Tax (SST) agreement was amended to expand relief eligibility for thousands of direct-to-consumer shippers of alcoholic beverages to 24 Streamlined Member States. In response, today global tax software […]

Read More
Tax Information Reporting
March 30, 2021
Sovos to Provide Automated Tax Information Reporting for Celsius Network in 2020 Tax Season and Beyond

As largest filer of 1099 forms, Sovos will ensure Celsius crypto investors, borrowers and lenders remain compliant with IRS changes BOSTON, March 30, 2021 – 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 […]

Read More