ReSource Network - Accounting

At the end of the year we give you an IRS approved 1099B that shows the sales on ReSource that you made that year, that you will need to count as revenue towards that calendar year. HOWEVER:

We also generate a Purchases Report which you can apply as business deductions for all purchases that were made that were business expenses, which your accountant can help you determine! If you need an accountant check out our accountants available for R$ here.

We issue a Sales Report for you

You don't need extra accounting software, we will do it for you. We will send you a spreadsheet with all the transactions containing all the details so you know exactly all the sales you made in the last period. This will help you when it comes to creating your invoices.

Sales taxes in rUSD are equivalent in implications to USD

In the USA, the IRS defines cryptocurrency for federal tax purposes as property. As a result, cryptocurrency can be characterized as investment property (stocks), business property (inventory), or personal property (if used to purchase groceries or other consumable goods for example). Therefore, all the transactions in our platforms are taxable as any other regular sale made in fiat currency.

Here you can find all the instructions for “Proceeds From Broker and Barter Exchange Transactions”:
https://www.irs.gov/pub/irs-pdf/i1099b.pdf

1099-B

Form 1099-B is a document used by the Internal Revenue Service (IRS), a federal agency that collects and processes tax payments in the U.S., to record income other than salaried wages.

“..A broker or barter exchange must file Form 1099-B for each person:

For whom the broker has sold (including short sales) stocks, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, securities futures contracts, etc., for Cash;
Who received cash, stock, or other property from a corporation that the broker knows, or has reason to know, has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806, Information Return for Acquisition of Control or Substantial Change in Capital Structure; or
Who exchanged property or services through a barter exchange…”

Here you can find the link to the form:
‍https://www.irs.gov/pub/irs-pdf/i1099b.pdf

Accounting with rUSD