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Wolters Kluwer announced the release of GainsKeeper Cryptocurrency. GainsKeeper Cryptocurrency extends trusted GainsKeeper functionality to keep brokers at the forefront of helping clients solve challenging aspects of tax compliance related to their cryptocurrency holdings.
Per IRS guidance, cryptocurrency transactions have tax consequences that can result in tax liability. Generally, virtual currencies are treated as property, not currency, for federal income tax purposes, requiring that cost basis be separately tracked to compute taxable gains and losses. Substantial fluctuations in value have resulted in dramatically increased interest and trading in cryptocurrency, which has created...