Summ vs. Sovos

Summ specializes in creating reliable cryptocurrency tax reports tailored for businesses, leveraging robust data validation. The reconciliation system monitors transactions across over 3,500 exchanges, wallets, and blockchains, providing extensive on-chain insights. This ensures that your finance department can effectively manage treasury assets, crypto payroll, intercompany transfers, and cross-chain operations. The rules-based framework seamlessly integrates with accounting platforms like Xero and QuickBooks, aligning transactions with your Chart of Accounts for effortless reconciliation alongside standard financial reporting. Summ is capable of processing millions of transactions and adapts as your business grows. The guided reconciliation process identifies discrepancies, while intelligent suggestions streamline categorization. Each report is designed to be transparent, comprehensible, and defensible, making Summ an ideal choice for both startups and enterprises engaged in multi-chain DeFi activities.

Not specified

Summ, previously known as Crypto Tax Calculator, is an advanced platform designed for managing crypto taxes and portfolio tracking, catering to users with portfolios that extend beyond simple exchange transactions. Its sophisticated reconciliation engine seamlessly connects with over 3,500 exchanges, wallets, and blockchains, providing extensive support for decentralized finance (DeFi) protocols, decentralized exchanges (DEXs), non-fungible tokens (NFTs), bridges, staking, airdrops, and intricate multi-chain operations. In instances where data is unclear or incomplete, Summ proactively detects inconsistencies, ensuring that every number in your report is justifiable and reliable. By aligning activities across various platforms, Summ generates straightforward, defensible reports that hold up under scrutiny. Key features include the Least Tax First Out method, 1099-DA reconciliation, tax loss harvesting, and documentation that is ready for audits. It also integrates with popular accounting software like TurboTax, Xero, and QuickBooks, and is certified with SOC 2 Type 2 compliance. Users can track their portfolios for free upon registration, with premium plans available that provide comprehensive reporting customized to specific jurisdictions. This platform serves casual investors, active DeFi participants, accounting experts, and businesses alike.

Not specified

Summ is a specialized cryptocurrency accounting solution designed for industry professionals. It allows users to oversee all clients within a single interface. Its rules-based framework seamlessly integrates with Xero and QuickBooks, aligning cryptocurrency transactions with your Chart of Accounts, ensuring that digital asset activities are incorporated into your existing processes. Assign wallets to known clients, set up automated rules, and easily identify irregularities within client portfolios. The streamlined reconciliation process highlights differences based on their significance, while intelligent recommendations simplify the categorization of various activities such as trades, DeFi transactions, staking, airdrops, NFTs, and more. The reconciliation engine is compatible with over 3,500 exchanges, wallets, and blockchains, ensuring extensive on-chain data coverage and generating robust reports based on verified information. It effectively manages millions of transactions, catering to both solo practitioners and large enterprises. Each report is fully prepared for audits. Additionally, it is SOC 2 Type 2 certified and supports Single Sign-On (SSO). Train your team using a single platform that accommodates both individual and business clients, with professional and enterprise plans available for firms requiring collaborative features and prioritization.

Not specified

Manage your entire cryptocurrency portfolio effortlessly with Summ. This innovative reconciliation tool seamlessly integrates with over 3,500 exchanges, wallets, and blockchains, providing you with a comprehensive overview of both centralized and decentralized platforms. Summ automatically imports and reconciles all your transactions, ensuring you always have clear insights into your holdings, performance metrics, and unrealized gains or losses. It supports an extensive range of over 300,000 tokens, including DeFi assets, staked tokens, liquidity pool assets, and NFTs, along with robust on-chain tracking that reveals activity often overlooked by other portfolio managers. The intuitive reconciliation process identifies any inconsistencies, while smart suggestions simplify categorization as new transactions occur. Enjoy free portfolio tracking without any import restrictions. For those needing tax reporting, all data is directly integrated into Summ's tax engine, eliminating the need for redundant data entry. Obtain verified information across your entire portfolio and tax reports that are reliable when it counts.

Not specified

Summ provides reliable cryptocurrency tax reporting based on verified information. Its advanced reconciliation engine monitors transactions from over 3,500 exchanges, wallets, and blockchains, ensuring comprehensive on-chain analysis for decentralized finance (DeFi), decentralized exchanges (DEXs), NFTs, and intricate protocols. The user-friendly reconciliation process identifies inconsistencies while offering intelligent categorization for trades, staking, airdrops, mining, and more. Summ prepares tailored reports for various jurisdictions, addressing capital gains, income, and cost basis calculations using FIFO, LIFO, and HIFO methods. It also features 1099-DA reconciliation to help identify issues before submission. The platform seamlessly integrates with TurboTax, Xero, and QuickBooks. Users can start for free with unlimited imports, while premium plans provide access to complete reporting, tax loss harvesting, and audit-ready documentation that can withstand scrutiny when it counts.

Summ's reconciliation engine offers extensive coverage of on-chain DeFi activities, efficiently analyzing smart contract data to monitor and classify transactions across a multitude of protocols. This encompasses activities such as depositing and withdrawing from liquidity pools, yield farming, lending and borrowing on platforms like Aave and Compound, executing DEX swaps on Uniswap and Curve, bridging transactions between L1 and L2 networks, engaging in staking, and converting wrapped tokens. The platform supports over 3,500 integrations and accurately prices more than 300,000 tokens, including liquidity provider tokens and receipt tokens. Its guided reconciliation process highlights discrepancies, while intelligent suggestions automate categorization. Summ also assesses the tax ramifications of each DeFi transaction, applying the appropriate cost basis and income treatment based on your local regulations, including the Least Tax First Out methodology. Users can import and monitor their data for free, while paid subscriptions provide access to robust DeFi tax reports, opportunities for tax loss harvesting, and documentation suitable for audits.

Not specified

Not specified

Not specified

Sovos provides essential support for businesses in fulfilling their ongoing tax reporting requirements beyond just income tax. This includes responsibilities like information reporting, withholding, and necessary regulatory submissions. Finance and tax departments utilize Sovos to efficiently handle the filing of forms such as 1099, W-2, 1042-S, and ACA, as well as to verify payee information, screen counterparties, and maintain comprehensive records that stand up to audits. Corporate tax teams often grapple with overlapping federal, state, and international regulations, frequently using disparate tools that can lead to mistakes and complicate audit readiness. Sovos streamlines these processes by consolidating all obligations into a single platform with a unified data model, ensuring that you operate from one consistent source of information. Furthermore, Sovos facilitates compliance with FATCA validation, OFAC and Death Master File screenings, and federal filing that meets IRIS requirements. All data is managed within SOC 2 and ISO 27001 accredited data centers. Simplify your corporate tax reporting with Sovos.

Sovos provides essential support for digital asset brokers, exchanges, and financial institutions to navigate the complexities of cryptocurrency tax reporting. Brokers are required to report sales and exchanges of digital assets to the IRS using Form 1099-DA. Initially, this involves reporting gross proceeds, with cost basis reporting being integrated in subsequent years. The introduction of digital asset reporting complicates the filing process due to high transaction volumes, the need for new types of forms, and stringent taxpayer identification requirements. Sovos streamlines this process by offering a comprehensive workflow that facilitates the collection and validation of customer TINs, preparation of 1099-DA and associated information returns, IRS filing via IRIS, and distribution of copies to recipients. With integrated Name/TIN matching, Sovos helps identify discrepancies before submission, thereby minimizing the risk of B-Notices and backup withholding complications. For organizations with a global reach, Sovos accommodates various digital asset reporting regulations, including DAC8 and CARF. Get ready for efficient digital asset reporting with Sovos.

Not specified

Sovos streamlines the process of sales and use tax compliance for companies operating in various U.S. states and local areas. It determines the accurate tax rate during transactions, monitors economic nexus thresholds, oversees exemption certificates, and facilitates the preparation and filing of returns, all from a single platform. Given that sales tax regulations are continually evolving and each state establishes its own rates, taxability criteria, and filing timelines, relying on manual rate tables and spreadsheets can lead to errors, overlooked filings, and increased risk of audits. Sovos ensures that your tax content is always up-to-date, adapting to changes in jurisdictions to keep your rates and rules current. Sovos seamlessly integrates with ERP, billing, and e-commerce platforms, allowing tax calculations to occur within your existing workflows. This way, your transaction data, returns, and documentation are consolidated in one easily auditable location. Simplify your sales and use tax compliance with Sovos.

Sovos provides a comprehensive tax compliance solution that streamlines the management of indirect taxes, information reporting, identity verification, and unclaimed property all within a single platform. This enables organizations to efficiently handle various obligations including sales and use tax, VAT, e-invoicing, as well as forms like 1099, W-2, 1042-S, and ACA filings, TIN matching, and escheatment reporting—eliminating the need for multiple vendors. Given the ever-evolving nature of tax regulations across federal, state, and international levels, using disconnected tools often leads to data duplication, manual reconciliation efforts, and incomplete audit trails. Sovos addresses these challenges by consolidating your tax data and regulatory information into a unified data model, ensuring that your records are consistent and readily available for review. The platform’s Sovos Regulatory Graph and Sovi AI seamlessly link regulatory changes with your transactional data. Sovos also ensures compliance with IRIS-ready federal filings, accommodates real-time CTC mandates, and offers various integration options including API, SFTP, and ERP systems. All data is managed in accordance with SOC 2 and ISO 27001 standards for security and reliability.

Not specified

Sovos assists organizations in locating, monitoring, and reporting unclaimed assets to various states across the U.S. The platform conducts dormancy assessments, dispatches due diligence notifications to property owners, produces reports formatted for NAUPA compliance, and facilitates electronic filing with state agencies. Each state establishes its own rules regarding dormancy periods, exemptions, and deadlines for reporting. Relying on spreadsheets to manage property can lead to missed deadlines, state investigations, penalties, and accrued interest. Sovos streamlines this process by offering structured workflows and integrated guidance on state regulations, indicating what needs to be reported and the appropriate timing. With automated due diligence notifications, you can proactively contact property owners before assets are escheated. ReportMyUP, a service from Sovos, ensures compliance with NAUPA requirements across all 50+ U.S. jurisdictions and allows for effortless electronic filing in over 30 states. Additionally, a comprehensive audit trail keeps your filing records organized and accessible for any inquiries from state authorities. Begin your journey in managing unclaimed assets and escheatment reporting with Sovos today.

Not specified