Global tax software leader Sovos today announced it has joined the Accounting Blockchain Coalition (ABC), a partnership dedicated to educating businesses and organizations on accounting matters relevant to digital assets and distributed ledger technology, including blockchain.
As a member of the ABC, Sovos will collaborate with industry leaders in accounting, law, tax, technology and higher education to help shape the leading resource for organizations involved with blockchains in accounting. The ABC also provides educational information and materials to the broader accounting industry on changes and updates to information regarding digital assets and distributed ledger technology.
“Blockchains are having a transformational impact on the business world, and that’s creating new legal, tax and regulatory challenges companies need to address,” said Paul Banker, vice president and general manager of Tax and Regulatory Reporting at Sovos. “By joining the Accounting Blockchain Coalition, Sovos is demonstrating our continued commitment to assessing blockchain risk, so that we can be the best possible partner to our customers as they navigate the evolving regulatory landscape around cryptocurrency.”
A leader in cryptocurrency tax compliance, Sovos provides the automation and regulatory insight to protect exchanges and other crypto businesses from risk. Gemini, a cryptocurrency exchange and custodian co-founded by Cameron and Tyler Winklevoss, recently selected Sovos for its tax reporting needs. Sovos automates Gemini’s 1099 forms and filings, reducing potential errors and delivering automatic regulatory updates. In addition, Paxos, America’s first regulated crypto-asset platform, uses Sovos Tax Information Reporting for high-volume tax reporting.
“We’ve seen our membership continue to grow over the past several years, and partners like Sovos bring a valuable perspective to our community of blockchain experts,” said David Deputy, President of Accounting Blockchain Coalition. “As the use of blockchain continues to proliferate, we will look for opportunities to bring in new expertise to help companies understand, review and plan for the uses of the technology.”
The ABC will bring together a cross-sector, cross industry, member-driven knowledge-base and work real time on issues impacting the accounting industry regarding digital assets and distributed ledger technology. To do this, the ABC has created an infrastructure, including three working groups, that will allow for collaboration and publication of best practices.
To learn more about Sovos Tax Information Reporting for cryptocurrency exchanges, visit https://sovos.com/solutions/cryptocurrency-tax-software/.
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As tax 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 https://www.sovos.com and follow us on LinkedIn and Twitter.
About The Accounting Blockchain Coalition
The Accounting Blockchain Coalition has created a forum for CPAs, technology providers, and other industry experts to engage and navigate issues related to the accounting and taxation of digital assets. Over the last two years, ABC has quickly become the go-to source for guidance in the crypto/blockchain space. Through regular working group meetings, webinars, and in-person events, our members are developing frameworks and best practices in the areas of Audit & Accounting, Internal Controls, and Taxation to move the industry forward. For more information follow us on Twitter.