Sovos Shortlisted for International Tax Review’s 2021 Tax Technology Firm of the Year
Summary
Sovos was shortlisted as a Tax Technology Firm of the Year primarily for its 1099 reporting software innovation, which the company has extended to serve virtual asset service providers to account for the heightened cryptocurrency regulatory environment. From delayed mandates to vague taxpayer letters, over the past seven years the IRS has not provided clear crypto tax reporting guidance. This has resulted in cryptocurrency exchanges and investors operating without clear direction and in greater risk of being out of compliance with IRS tax reporting requirements. Amid this uncertainty, exchanges and custodians like BlockFi, Celsius and Gemini have taken a prudent and proactive compliance approach in order to protect themselves and investors by adopting Sovos’ 1099 crypto tax information reporting solutions. More recently, countries around the world, including the United States, have made moves to shore up gaps related to cryptocurrency taxation.
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