Big news from the IRS: The days of “universal wallet” accounting are numbered —and if your company manages digital assets, this could be a significant shake-up.
Here’s the deal. Starting Jan 1, 2025:
- No more combining assets across pools of wallets or exchanges. The IRS now wants a clear picture of each account’s activity.
- Accurate cost-basis tracking will be essential for compliance. Without it, you could be looking at penalties or tax surprises.
- Starting early = fewer headaches. Getting your processes in line now will save you from scrambling when the 2025 deadline hits.
Why Does This Matter?
Digital asset tracking and management is already complicated today – and without the right software, things could get even trickier.
The sooner you start thinking about how to track assets by wallet, the smoother the transition will be. The IRS has made its position clear, and it’s not the time to be caught unprepared.
How Bitwave Can Help
At Bitwave, we live and breathe digital asset accounting. We’ve been helping companies stay ahead of regulatory changes for years. So this new IRS rule? We've got you covered.
Here’s how we can make compliance a breeze:
- Effortless Automation: No more manual tracking. Bitwave automates account-specific cost basis tracking so you can focus on what really matters.
- Audit-Ready Accounting: Whether you’re dealing with stablecoins, NFTs, or DeFi transactions, Bitwave gives you the tools to keep everything audit-ready and above board with SOC 1 (Type 2) and SOC 2 (Type 2) confidence.
- Future-Proof Solutions: Regulations are always changing, and Bitwave helps you stay ahead with tools built for the long haul.
On a recent webinar with Deloitte, Bitwave CEO and Co-Founder shared an overview of Bitwave's flexible solutions for businesses:
"We've built tooling to enable... deep, wallet-level inventory, as well as the inventory at a slightly higher level."
"At Bitwave, we've always prioritized giving our customers the tools they need to stay ahead of regulatory changes," said Bitwave CEO and Co-Founder Pat White.
If this IRS update has you wondering how to stay compliant, don't stress—our platform makes it easy to stay on top of your digital assets, even as the rules shift.
Want to learn more about the new IRS rules? Let’s chat!
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.
