Earlier this month, President Biden issued his Executive Order on Ensuring Responsible Development of Digital Assets. The Executive Order establishes policy objectives related to digital assets and calls on the government to examine the risks and benefits of cryptocurrencies.
The Executive Order highlighted several areas that individuals need to be aware of. The measures focus on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion, and responsible innovation. Additionally, the Biden administration also wants to explore a digital version of the dollar. The entire Executive Order can be found here.
Did you know that VonLehman offers our clients access to the Ledgible crypto software platform? The Ledgible Platform is an AICPA SOC 1 & 2 audited cryptocurrency tax & accounting solution that provides a collaborative dashboard that enables a seamless delivery of investment information to your VonLehman tax team. This software enables our clients to import transactions and directly link data from their crypto wallets and exchanges, in order to provide a real-time update of taxable gains, losses, and events throughout the year. When it is time to prepare your taxes, this software provides a tax-ready report for transactions and exchanges that may otherwise issue no 1099s, saving you the effort and time commitment of calculating your gains and losses for the year. If you are interested in learning more, contact Ross Walker at 800.887.0437.
