We’re excited to finally announce a full suite of digital currency accounting software today! Furthermore, we are now partnered with BitPay to deliver powerful reporting for merchants accepting bitcoin directly on the balance sheet.
LIBRA ROLLS OUT SUITE OF BUSINESS GRADE ACCOUNTING, TAX SOFTWARE FOR BITCOIN
Bookkeeping and automated capital gain reporting for businesses and accountants
March 24, 2015 (San Francisco, CA) — Legitimizing the widespread adoption of digital currencies such as Bitcoin and Ripple, Libra, makers of bitcoin tax-accounting service LibraTax, today announces the release of two new services to help businesses and CPAs account for digital currency transactions in 2014, the year when the IRS gave guidance that virtual currency is classified as a capital asset and taxable as property (rather than currency).
The services – Libra Business and Libra Pro, the latter for CPAs and accounting firms with bitcoin clients – expands on just capital gain/loss tax reporting by introducing familiar reports used for bookkeeping and monthly reconciliation. The software is unique because it interfaces with the ‘blockchain’ itself, the public ledger of all bitcoin transactions. Soon, it will also integrate with Xero, QuickBooks, and other traditional accounting platforms.
Libra is the only full-service and comprehensive digital currency accounting software on the market today, and the first to bridge the gap from distributed ledger technology to the traditional world of double-entry accounting. In addition to providing the tools for individuals and business with bitcoin, Libra is beginning to educate the accounting and audit industry about bitcoin technology. To that end, Libra’s teamed up with Future of Accounting co-founder and co-president Danetha Doe to produce a weekly video chat with accountants called the #FutureOfMoney.
Libra is also excited to announce that it has partnered with with BitPay, the world’s largest bitcoin payment processor. “BitPay adheres to extremely high standards of accounting and regulatory compliance, and we’re pleased to extend Libra Business to our merchants to enable them to keep track of transactions efficiently, as well as encouraging wider public adoption of the platform by simplifying the process of Bitcoin accounting,” commented Bryan Krohn, BitPay’s Chief Financial Officer.
By setting annual fees extremely low — only $19 for LibraTax, $49 for Libra Business, and $99 for Libra Pro – Libra’s goal is to help digital currency remain accessible to anyone. “A huge step forward for the legitimacy of this world changing technology will be the day when it earns respect among professional accountants and auditors,” says Jake Benson, founder and CEO of Libra. “My mission is take us there.”
For interviews with leading digital currency accountants familiar with Libra’s platform, contact [email protected]
Comments from BitPay’s CFO Bryan Krohn.
Ease Your Bitcoin Tax Headache This Year
It’s tax season and if your business accepts crypto-currencies, like Bitcoin, then you need to get through the headache of reporting your bitcoin transactions to the IRS. Some new software launched by Libra Tax this week aims to make your bitcoin reporting as pain-less as possible.
Digital currency tax reporting can be a daunting task. As property, digital currencies (the IRS calls them “virtual currencies”) are treated in much the same way as stocks and bonds: every purchase and sale/exchange must be recorded and taken into account at tax time.
Where a casual user could have dozens, if not hundreds, of taxable events to report in a given year, imagine how many events a business accepting bitcoin would have.
The gains made on bitcoins are taxable in the year they are realized. “Realization occurs when you exchange bitcoins for any type of other property; such as cash, merchandise, or services,” says Jake Benson, Founder of Libra Tax, who this week launched Libra Business, a software tool for merchants that aides in the capital gain/loss tax reporting. The software is unique because it interfaces with the ‘blockchain’ itself, the public ledger of all bitcoin transactions.
“Essentially, any transaction involving Bitcoin is a realization event that triggers a reportable gain or loss,” Benson continued.
All businesses accepting Bitcoin — like Overstock and BTC Media have to abide by the same rules as Bitcoin buyers when it comes to taxation — as long as the company has been holding, and profiting from, digital currency.
BTC Media, the world’s largest Bitcoin media group, providing education and information through its family of products and services, said: “As well as being a bitcoin-accepting business, we hold bitcoin as an investment and for covering operational costs. We’ve been trialing Libra Business and it’s an easy way to track your Bitcoin transactions while staying compliant with the IRS guidelines.”