American Bitcoin Traders Can Now Report Gains to the IRS via Node40
- Node40 wants to be the TurboTax of all American cryptocurrency users, not just Dash anymore.
Node40, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term governance company and one of the biggest server Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term providers for the Dash network, has launched Bitcoin tax reporting support on its Software as a Service (SaaS) offering, Node40 Balance. The new service comes just a few months after the New York company introduced blockchain accounting software for Dash users.
Learn how to buy Bitcoin and Ethereum safely with our simple guide!
Perry Woodin
Perry Woodin, CEO of Node40, said: “Not only is blockchain accounting inherently complicated, it’s currently under heavy legal scrutiny. Since the IRS considers digital currency property, each and every input to a transaction has a potential gain or loss. Tracking the cost basis and days carried on every input to a transaction is simply not possible without sophisticated software.
Nobody wants to think about gains and losses when purchasing goods or services, much less manually record transactions in a spreadsheet for future record keeping. Node40 Balance allows digital currency owners to use the blockchain as the public ledger it was always intended to be, and provides users with the most accurate data for their reporting obligations at tax time.”
The best example of the need for this service is the ongoing Coinbase vs IRS lawsuit.
“The IRS Coinbase summons motivated Dash owners to use our service and get their records in order for the 2016 tax season, and Bitcoin owners have well and truly been put on notice. The voluntary compliance rate for United States citizens is over 80%, which makes it obvious that most people take reporting their tax liability seriously; we believe bitcoin users haven’t had the right tools available yet.
If the industry wants digital currency transactions to become commonplace, an integrated service like Node40 Balance is essential. It validates the legitimacy of a new, complex form of transacting, and compliance is crucial to bringing a new technology into the mainstream,” Woodin said.
Currently, Node40 Balance’s Bitcoin service is available for Electrum wallet users, with new wallets promised soon - Exodus and Trezor are next in line for integration.
Node40, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term governance company and one of the biggest server Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term providers for the Dash network, has launched Bitcoin tax reporting support on its Software as a Service (SaaS) offering, Node40 Balance. The new service comes just a few months after the New York company introduced blockchain accounting software for Dash users.
Learn how to buy Bitcoin and Ethereum safely with our simple guide!
Perry Woodin
Perry Woodin, CEO of Node40, said: “Not only is blockchain accounting inherently complicated, it’s currently under heavy legal scrutiny. Since the IRS considers digital currency property, each and every input to a transaction has a potential gain or loss. Tracking the cost basis and days carried on every input to a transaction is simply not possible without sophisticated software.
Nobody wants to think about gains and losses when purchasing goods or services, much less manually record transactions in a spreadsheet for future record keeping. Node40 Balance allows digital currency owners to use the blockchain as the public ledger it was always intended to be, and provides users with the most accurate data for their reporting obligations at tax time.”
The best example of the need for this service is the ongoing Coinbase vs IRS lawsuit.
“The IRS Coinbase summons motivated Dash owners to use our service and get their records in order for the 2016 tax season, and Bitcoin owners have well and truly been put on notice. The voluntary compliance rate for United States citizens is over 80%, which makes it obvious that most people take reporting their tax liability seriously; we believe bitcoin users haven’t had the right tools available yet.
If the industry wants digital currency transactions to become commonplace, an integrated service like Node40 Balance is essential. It validates the legitimacy of a new, complex form of transacting, and compliance is crucial to bringing a new technology into the mainstream,” Woodin said.
Currently, Node40 Balance’s Bitcoin service is available for Electrum wallet users, with new wallets promised soon - Exodus and Trezor are next in line for integration.