Tech news: IRIS acquires Apex HCM

March 3, 2023 10:53 AM

IRIS acquires Apex HCM to expand offerings; Ledgible releases report on crypto accounting challenges; AICPA propose FAQ for IRS on crypto; and other news from the accounting technology arena.

IRIS acquires Apex HCM to expand offerings

Accounting and payroll solutions provider IRIS Software Group has acquired Apex HCM, a cloud-based human capital management enterprise software provider. The acquisition allows IRIS to enhance its payroll offerings in the U.S. with this solution for payroll service bureaus and CPA firms. With Apex, IRIS will provide payroll solutions for over 130,000 SMBs and 1 million employees across North America. It is the latest in a series of acquisitions the company has made recently, which includes the successful purchase of Conarc, Doc.It, myPay Solutions and AccountantsWorld.

Ledgible shares crypto accounting challenges

Logos for Binance Coin, top, Ether, left, and Bitcoin

Angel Garcia/Bloomberg

Ledgible, a provider of digital asset tax and accounting solutions for institutions, investors and professionals, released a report outlining some of the accounting challenges with cryptocurrency and other digital assets. It discusses topics like security, organization, software integration to handle crypto, Tax Code compliance, converting digital assets to fiat currency, determining cost basis, converting a digital asset into another asset, receiving digital assets for compensation, forks and airdrops, receiving, mining, staking and other DeFi rewards, and regulation.

AICPA propose FAQ for IRS on crypto

The AICPA, in light of the IRS's new questions on digital assets on the Form 1040, submitted a letter to the Department of the Treasury and the Internal Revenue Service proposing frequently asked questions and suggested answers to assist taxpayers in responding. The proposed FAQ includes questions on what is a digital representation of value; what are the "characteristics of a digital asset" as that term is used in the 2022 Form 1040 instructions; does the Form 1040 digital asset question only pertain to the taxpayers signing the Form 1040 or to any dependents claimed on the return; and are digital assets as defined in Section 6045(g) considered "property" for tax purposes as described in Notice 2014-21 for virtual currency? The institute also asked the IRS to have the 2023 Form 1040 instructions be modified for next year to provide greater certainty to taxpayers and preparers in confidently and properly complying with the question and overall reporting requirements for digital assets.

Bookkeep partners with DAVO by Avalara

Accounting automation platform Bookkeep has partnered with DAVO by Avalara to offer a new sales tax service that enables clients to set aside, file and make payments automatically. Bookkeep customers will now have the option to add sales tax automation to their account. The platform, which integrates with more than 40 sales, ecommerce and payment channels such as Square, PayPal and Shopify, will automatically send daily sales data to DAVO to manage the sales tax process. DAVO sets aside the exact amount of sales tax in a secure tax holding account that is separate from general operating funds and automatically files and pays sales tax in full when due. Those who sign up for the service will benefit from complete end-to-end revenue accounting and sales tax payments.

Other news

Cloud-based accounting platform Xero announced that former Google and Okta executive Diya Jolly has been appointed as Xero's new chief product officer, effective April 10. As part of Xero's executive team, Jolly will lead Xero's product teams driving product management, development, design and product marketing. She will be based in the San Francisco Bay Area. … Tax software provider Sovos announced that CRN, a brand of The Channel Company, has recognized Jonathan Eisner on its 2023 Channel Chiefs list, which recognizes IT channel executives who work to advance the channel agenda and deliver successful channel partner programs and strategies. The 2023 CRN Channel Chiefs were selected by the editorial staff based on their record of business innovation and dedication to the partner community.