Fifth-Largest US Accounting Firm Partners With Crypto Tax Tech Company
Blockchain-native software and tax services company, Lukka, has been chosen to provide crypto taxation software to the fifth-largest accounting firm in the United States, RSM.
From conversation with Lukka CCO Jeremy Drane, and RSM senior manager of international tax and blockchain/cryptocurrency, Jamison Sites, we can find out more about the partnership between the two firms.
Lukka provides crypto tax software to RSM clients
The deal will see RSM’s tax clients provided with the ‘Lukka Crypto Office’ and ‘LukkaTax for Professionals’ software to assist the tax preparation needs of both individuals and enterprises.
Jamison Sites states that RSM began researching various crypto tax software providers after having conversations with the U.S. Treasury and Internal Revenue Service (IRS) in late 2018 and early 2019.
From the discussions, Sites asserts that “RSM understood that upcoming IRS guidance would require our digital asset clients to prepare a much more complicated calculation going forward.”
After evaluating the crypto tax software sector, RSM chose Lukka based on its “scalable infrastructure” and “focus on delivering highly specialized tax capabilities unique to crypto assets.”
RSM engages Lukka in 2018
While talks regarding the current partnerships began during August 2019, Sites states that RSM engaged Lukka late in the 2018 tax-year regarding a client who urgently needed roughly $20 million worth of crypto trades to be calculated.
“[W]e had a client that needed an urgent basis calculation for a large volume of trades, roughly 20 million. Lukka’s team came through with impressive results,” he states.
Lukka CCO Jeremy Drane states that the two firms “have been collaborating and working on client-specific crypto tax issues” since RSM first engaged Lukka.
“Since then, the two firms maintained regular correspondence to discuss market news as well as tools and features the RSM tax teams desired in a digital asset software,” he said.
Lukka launches academic repository for crypto tax issues
During March, Lukka launched its ‘Lukka Library’ — comprising an interactive repository of academic work dealing with crypto taxation issues.
The library includes resources covering more than 75 topics and authored by more than two dozen academic and legal experts.