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SembroTax to Launch Accounting Software with Automated Blockchain Data Retrieval

by Leon Pick
    SembroTax to Launch Accounting Software with Automated Blockchain Data Retrieval
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    Sembro Development is launching specialized accounting software, SebroTax, for Bitcoin users on December 15th.

    The software is tailored to the needs of different segments of Bitcoin users: (1) "Individual" for casual Bitcoin users and day traders, (2) "Small Business," for those who conduct the bulk of their business activity in fiat but have elected to start accepting bitcoin as well (although it should be pointed out that many such businesses still receive payment in fiat through one of the bitcoin payment processors), and (3) "Bitcoin Businesses" that receive the majority of their revenues in bitcoin.

    The solution automatically translates Blockchain transaction data into a general ledger, from where a tax professional can more easily calculate obligations.

    In the announcement, it was noted that the IRS guidelines treating bitcoin as property can be enforced retroactively, so the ability to easily dig up past transactions is another added value.

    A similar solution with automated functionality was launched by LibraTax earlier this year.

    Sembro Development is launching specialized accounting software, SebroTax, for Bitcoin users on December 15th.

    The software is tailored to the needs of different segments of Bitcoin users: (1) "Individual" for casual Bitcoin users and day traders, (2) "Small Business," for those who conduct the bulk of their business activity in fiat but have elected to start accepting bitcoin as well (although it should be pointed out that many such businesses still receive payment in fiat through one of the bitcoin payment processors), and (3) "Bitcoin Businesses" that receive the majority of their revenues in bitcoin.

    The solution automatically translates Blockchain transaction data into a general ledger, from where a tax professional can more easily calculate obligations.

    In the announcement, it was noted that the IRS guidelines treating bitcoin as property can be enforced retroactively, so the ability to easily dig up past transactions is another added value.

    A similar solution with automated functionality was launched by LibraTax earlier this year.

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