CPA.com – the New York-based accounting advising firm – has forged an alliance with crypto accounting automation company Lukka – in an attempt to roll out a crypto asset tax preparation solution. 

Publicly revealed by CPA.com on December 9th, the new solution for preparing tax for crypto asset – goes by the name “LukkaTax for Professionals” – was designed specifically for accountants, helping them and their firms handle the matters revolving around cryptocurrencies. 

Particularly, CPA.com will initiate plans to offer facilitating support for digital assets evaluation, as well as blockchain-related assurance.

CPA.com revealed that the rapidly increasing number of US citizens, which take an interest in crypto-related trading and possessing activities, is the primary reason behind its incentive to move the project with Lukka to the next stage. Said number of the US population will require a tool that helps them claim taxes of assets in their possession. 

“The need for firms to understand the crypto asset category was greatly accelerated with the IRS issuing thousands of compliance letters recently. The combination of an institutional-grade solution from Lukka with our firm enablement capabilities will help firms address these complex client needs.”

Per the update, the built-in browser dashboard feature of LukkaTax grants tax experts the power to update data across numerous accounts, and upload files that avoids data manipulation and reduce mapping times.

“We know that every CPA will need to pose the virtual currency question to their clients […] With tens of millions of crypto asset holders in the United States, thousands of these CPAs will then have to deliver accurate crypto tax calculations. It’s challenging and you absolutely have to be correct.” Lukka CEO added.