Libra, makers of bitcoin tax-accounting service LibraTax, released two new services to help businesses and CPAs account for digital currency transactions.
Given 2014 was the year the Internal Revenue Service gave guidance that virtual currency is classified as a capital asset and taxable as property rather than currency, Libra’s services of Libra Business and Libra Pro expand on just capital gain and loss tax reporting by introducing familiar reports used for bookkeeping and monthly reconciliation.
Libra’s software interfaces with the “blockchain,” or the public ledger of all bitcoin transactions, and will soon integrate with Xero, QuickBooks and other accounting platforms.
As full-service digital currency accounting software that bridges the gap between distributed ledger technology and traditional double-entry accounting, Libra is also beginning to educate the accounting and audit profession on bitcoin technology. The company recently teamed up with Future of Accounting cofounder and co-president Danetha Doe to produce a weekly video chat with accountants called the #FutureOfMoney.
Libra has also partnered with global bitcoin payment processor BitPay.
“BitPay adheres to extremely high standards of accounting and regulatory compliance, and we’re pleased to extend LibraBusiness 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,” stated Bryan Krohn, BitPay’s chief financial officer.
Libra’s new digital currency services are priced to ensure accessibility, according to the company, which provides LibraTax and Libra Business at the annual fees of $19 and $49, respectively.
“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,” stated Libra founder and CEO Jake Benson. “My mission is take us there.”
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