The blockchain company released a digital currency tax software and will support bitcoin

The blockchain company released a digital currency tax software and will support bitcoin

The United States of San Francisco bitcoin exchange Coinbase for the upcoming test and IRS (IRS) entanglement, another block chain management company has released the tax filing software, let the citizens of the United States Declaration of personal digital currency gains. The software developer is New York management company Node40, usually referred to as the world currency (Dash) of the master node hosting provider.

The software “Node40Balance” is based on the cost, net income accounting of all transactions within a year. Before the tax returns in the Form8949 data into IRS, stored in the block chain. The form requires taxpayers to declare related investment real estate transaction income.

CEO Node40 PerryWoodin said, “the advanced simple inventory accounting in the first strategy (FIFO) is not sufficient to handle digital currency transactions”. As the asset valuation method, FIFO assumes that the first production or purchase the product first sold.

Woodin said, this approach is not sufficient to handle multiple input digital currency transactions, “Node40Balance used to hold the cost and time of accurate valuation, to ensure that no excessive reporting tax payable”.

The software released before experienced two years of development cycle, including beta stage Dash miners, traders, accounting, lawyers and tax experts tested. The software aims to make individuals, small businesses, large enterprises and government departments to pay taxes.

PerryWoodin

Wooden said:

Node40Balance analysis of block chain, provide data for the valuation of the transaction. You can according to the actual need to explain the transaction, Node40Balance provides profit and loss report”.

Software release supports Dash block chain, Node40 said bitcoin users will enable the software in the year before the next tax season.

A few days ago, IRS called the Coinbase survey, less than 1000 users of bitcoin annual return. After the IRS filed a civil lawsuit in November last year, bitcoin exchange Coinbase transactions between tax authorities and bitcoin exchange has maintained a deadlock.

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