Cryptocurrency software and data management solutions company Lukka recently unveiled a brand new Lukka Library, dedicated to simplifying and untangling the cryptic world of crypto taxation.
Anyone who owns a cryptocurrency knows that navigating through crypto taxation could be stressful and tricky. And while cryptocurrencies are no longer referred to as bogus, it is also true that most countries do not regulate cryptocurrencies or give them legal status. Naturally, with no government backing or substantial guidance from the central bank, the crypto market is a perfect blind spot for certain investors to sidestep tax officials.
In trying to shed more light on this dreaded topic, Lukka Library is a welcome effort. It covers a plethora of subjects relating to crypto taxation and a large section of academic documents that address accounting, legal, and taxation-related questions.
The Lukka Library primarily answers the nitty-gritty of the crypto laws and emphasizes topics that currently lack regulatory guidance and leave more questions than answered. Some of the notable examples are cryptocurrency valuation for reporting in times of price fluctuations, how and when to file taxes, and which are the “like-kind” exchanges in cryptocurrency trading.
Roger Brown, Lukka Library founder, spoke to CoinTelegraph on Thursday and explained the rationale behind taking this one-of-a-kind initiative. According to him, the cryptocurrency industry currently lacks professional guidance in this domain. Although the IRS continues to address a number of issues through a series of comprehensive guidelines, what Lukka Library does is curate all viewpoints and throw light on those that need more explaining, Brown remarked.
We want to make cryptocurrency taxation as effortless as possible. With a centralized collection of seventy-plus topics, curated by industry experts and analysts, the Lukka Library hopes to become the single point of contact for all crypto-related issues, Brown added.
The library itself, however, isn’t free of charge. The yearly subscription rates start at $99.95. Although the company is amassing content from all over the world, its primary focus remains the UK and taxation issues peculiar to that region.