We’re thrilled to announce an important update to the Bitwave platform that will simplify how businesses track their digital assets and ensure compliance with newly updated IRS regulations—all without any extra costs or system changes.
Bitwave’s powerful wallet-by-wallet (“account-level”) cost basis tracking feature is now available to all customers as part of the core service offering.
This update will ensure that all businesses can seamlessly prepare for the IRS’s new rules (T.D. 10000), which require account-specific tracking of digital assets starting January 1, 2025.
IRS Ends Universal Wallet Accounting
With the new IRS regulations, the long-standing “universal wallet accounting” method is coming to an end.
Instead of managing digital assets collectively across multiple wallets and exchanges, companies will need to track the cost basis for each individual account. While this might sound daunting, Bitwave has your back.
"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.
"Our account-level tracking feature has been a key part of our platform for years, and we’re excited to make this functionality available to all customers to make compliance simple and secure."
For businesses using Bitwave, account-level tracking is not new. It’s been a key feature of our platform for years, especially for those managing high volumes of digital assets. But now, we’re excited to make it available to everyone, empowering all Bitwave users to embrace these regulatory changes quickly.
What This Means for Your Business
Here’s how this new update from Bitwave can help your financial team:
- Seamless IRS Compliance: By tracking cost basis for each individual wallet, Bitwave users can stay fully compliant with the IRS’s new digital asset reporting regulations, ensuring no surprises down the road.
- No Extra Costs or Upgrades: The account-level tracking feature, once part of our Advanced Accounting module, is now available as part of Bitwave Core, at no additional cost to customers. There’s no need for system upgrades or extra steps—just seamless functionality.
- Instant Access: Current Bitwave users can immediately benefit from this feature, ensuring your business is ready for regulatory changes well ahead of 2025.
Orgs using the “universal wallet” method today can make the switch by creating a new Inventory View in Bitwave and checking the “Multiple Inventories” box.
It's that simple.
Protip: If you’re not able to access the “multiple inventories” option, try refreshing your account first. Then, check your Advanced Settings to confirm you're using the latest Bitwave engine version.
Leading the Way in Digital Asset Compliance
At Bitwave, we’ve always focused on providing the most comprehensive solutions for digital asset tax tracking and accounting. As the regulatory landscape evolves, we remain committed to delivering cutting-edge tools that help businesses operate with confidence and ease.
This latest update is just another way we’re showing our commitment to empowering our customers, no matter where they are on their digital asset journey.
Ready to take the next step towards instant compliance? Book a demo with a Bitwave expert today.
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.
