Ledgible, a crypto tax and accounting firm, has announced native integration with Doge, making it simple for those who own, sell, trade, or buy Doge to generate accounting reports and plan for taxes.
Verady’s Ledgible platform offers AICPA SOC-assured tax reporting and portfolio tracking for crypto assets. Hundreds of firms use Ledgible Tax Pro to make tax reporting simple for their professionals and clients.
Doge is one of the most popular cryptocurrencies, thanks to major investors and celebrity endorsements from Elon Musk, Mark Cuban, Snoop Dogg, and Gene Simmons. Mark Cuban, owner of the Dallas Mavericks, stated that Dogecoin is the most powerful cryptocurrency as a medium of exchange.
“Tracking and accounting for all those transactions can be overwhelming for those who move Doge between wallets and exchanges to trade, sell, or buy,” said Kell Canty, CEO of Verady. “Our Ledgible solution collects all of that data natively for Doge, generates monthly accounting statements, identifies taxable transactions, and calculates the gain/loss.”
Dogecoin began as a joke, but it has grown into a significant asset with a market cap approaching $60 billion and a ranking among the top ten cryptocurrencies. As Dogecoin grows in popularity, Ledgible will be able to manage all transactions involving Dogecoin, as well as any other supported action on the Doge blockchain. On-chain Doge blockchain transactions are fully tracked by Ledgible. Dogecoin holders can store Doge in an on-chain wallet and directly import all transactions via an API connection rather than uploading or manually entering them to Ledgible.
BitPay, a leading blockchain payment provider, tracks cryptocurrency usage by coin and discovered that when Doge became available, its usage increased to nearly 8% of monthly transactions.
One of the most difficult tasks for cryptocurrency owners is accounting for, tracking, and managing all crypto data across multiple wallets and exchanges, as well as all transactions in order to calculate gains/losses and income. On-chain wallets are not designed to provide monthly accounting statements or tax reporting, so holders do not receive monthly statements. The complexity of transferring cryptocurrency, as well as the complexity of transaction history, causes numerous reporting issues. Ledgible integrates with a wide range of major blockchains, cryptocurrency exchanges, and accounting platforms.