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Ledgible Pioneers Digital Assets Tax Information Reporting For First of its Kind Tokenized Money Fund

Ledgible Pioneers Digital Assets Tax Information Reporting For First of its Kind Tokenized Money Fund

ATLANTA, June 11, 2024 /PRNewswire/ — Ledgible, the leading professional-first digital asset software platform for tax information reporting & compliance for digital assets, today announced their groundbreaking tax information reporting compliance operations.

“As federal regulations around digital assets, like IRS Form 1099-DA, mandate companies begin reporting out on their digital asset activities including tokenized real world assets, the Ledgible platform is uniquely positioned to ensure compliance,” said Ledgible CEO, Kell Canty.

The new regulations requiring accurate and comprehensive digital asset tax information reporting for enterprises and institutions come as industry leaders like Franklin Templeton are creating innovative financial products needing Ledgible to help with digital asset data. The asset manager launched the first U.S.- registered fund to use a public blockchain to process transactions and record share ownership.

Franklin Templeton needed a solution to integrate multiple blockchains, and on-chain data within a platform to dynamically calculate tax obligations for the production of Forms 1099/1042-S, reconciliation with legacy systems, and other advanced financial reporting capabilities, which is why they partnered with Ledgible for cost-basis and data normalization activities.

“Ledgible has developed a network of partnerships to assist enterprises and institutions in developing fit-for-purpose tax reporting operating models,” says VP of Tax Information Reporting at Ledgible, Jessalyn Dean. “Our cost-basis calculation, tracking, and reporting solution fits unique needs.”

Learn more about Ledgible’s tax information reporting and compliance capabilities for digital assets on their website.

About Ledgible

The Ledgible platform is built from the ground up to streamline digital asset tax information reporting and compliance. Ledgible ensures compliance for digital assets for some of the largest financial institutions in the world, like top 5 US banks, investment firms with $1B+ AUM, and top 10 crypto exchanges. As a SOC 1 & 2 Type 2 Certified platform, Ledgible is the trusted provider of choice for compliance and 1099 generation.

Jan Jahosky
[email protected]

SOURCE Ledgible

Originally published at https://www.prnewswire.com/news-releases/ledgible-pioneers-digital-assets-tax-information-reporting-for-first-of-its-kind-tokenized-money-fund-302168872.html
Images courtesy of https://pixabay.com

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