Node40 just released a software as a service offering (SAAS) to bring tax compliant bitcoiners an easy-to-use and “IRS-friendly” application. According to a Node40 press release, bitcoiners across the globe can begin reporting their taxable crypto-income. This way they do not risk tax evasion, under reporting or over reporting.
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.”
Readmore here https://news.bitcoin.com/node40-introduces-easy-to-use-tax-compliance-software-for-bitcoiners/
