Fireblocks Teams Up With TRES to Create Audit-Ready Tax Reports
Fireblocks has announced a partnership with TRES, an onchain financial data platform, to provide clients with the necessary data sources to compile audit-ready tax reports.
Clients, including institutions and companies, within Fireblocks’ customer base will now have access to TRES to consolidate digital assets and financial activities across various wallets and exchanges, including non-fungible tokens (NFTs).
According to the firms, clients can streamline the TRES report to accounting software such as QuickBooks, Xero, NetSuite, and more.
Adam Levine, Senior Vice President of Corporate Development and Partnerships at Fireblocks, stated, “This integration with TRES will enable us to offer the most comprehensive solution for every digital asset business – from launching an NFT collection to generating standardized, real-time reports that seamlessly integrate into existing accounting systems.”
Income Taxes
Digital currencies are typically taxed similarly to stocks and other assets in most countries. Any income related to cryptocurrencies is also subject to taxation.
The rules regarding crypto income are more stringent than those for capital gains as crypto income is considered a taxable event as soon as it is received. This includes passive income generated from holding cryptocurrencies, such as staking, yield farming, or savings accounts.
Recent Developments
Fireblocks has recently introduced its dApp Protection and Transaction Simulation products designed to safeguard institutions from potential scams in decentralized finance (DeFi).
Both products have successfully undergone beta testing with Galaxy and FlowDesk since December of the previous year. They are now available to provide security checks for decentralized applications (dApps) across more than 40 blockchains using Fireblocks’ APIs, including WalletConnect and MetaMask Institutional.
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