New Solution Simplifies Tax Time For Crypto Funds
DOWNERS GROVE, Ill., Jan. 05, 2023 (GLOBE NEWSWIRE) — Crypto Fund Tax, a full suite of tax services, including tax allocations, reporting, and filings for funds invested in digital assets, is now available from Formidium, a global leader in providing third-party fund administration and back-office technology solutions. Crypto Fund Tax is the ideal solution for managers and funds worldwide that manage digital asset, hedge, or venture funds, that invest in cryptocurrency, DeFi, blockchain, mining, staking, NFTs, tokens, private equity, venture investments, and real estate in the digital assets space. Crypto Fund Tax provides comprehensive tax services across the entity’s entire lifecycle for U.S. Funds/Entities and Non-U.S. Funds/Entities filing US returns.
Crypto Fund Tax provides all-inclusive tax services using Formidium’s proprietary technology, Seamless Digital, to connect with exchanges/wallets to fetch, clean, and sanitize the transactional data, calculate capital gains/losses using various methods, reconcile and process high volume of data, tax lot accounting, etc. Crypto Fund Tax includes relationship management to provide the highest level of client service.
“Digital assets are constantly evolving, which makes having a solution that can efficiently and accurately track, reconcile, and account for your assets an essential tool. We’ve been able to harness our knowledge and experience as a tax service provider that understands the digital assets workflow and has the infrastructure and experience to handle both blockchain technology and tax returns to create this tool. We’re certain that Crypto Fund Tax can solve the complexities faced by fund managers and the investing community and make tax filing easier for crypto funds.” says Nilesh Sudrania, Founder and CEO of Formidium.
Formidium is a leading global fund administrator, investment back-office technology solutions provider, and a licensed CPA firm. Based in Downers Grove, Illinois, Formidium’s taxteam of more than 50 individuals provides tax reporting services, such as filings and schedule K-1 reporting for fund managers and their investors, to over 350 clients for tax services.
The firm leverages two applications: Seamless and CommonSubDoc™. Seamless is a web-based fund accounting application integrating portfolio, fund accounting, and investor reporting. CommonSubDoc™ is an investor onboarding portal with extensive AML/KYC features and capital activity tracking as well as aCRM solution. Formidium’s operations and technology are SOC 1, SOC 2, and SOC 3 audited, and it currently has over 1,000 staff globally.