Node40 Strives to Become the Equivalent of American TurboTax for Cryptocurrency Users

Blockchain governance company Node40 has come up with an innovative solution enabling Americans to declare their cryptocurrency assets to the tax authorities.

The tool is called Node40 Balance, and it calculates net gains and losses for every transaction made during a given calendar year. The software then populates the respective IRS form. Node40’s management have dubbed the program “a feature-packed blockchain accounting service that brings the familiarity of services like QuickBooks or TurboTax to the world of digital currency.”

According to CEO of Node40 Perry Woodin, the competitive edge of the tool lies in the precision in computing gains and losses that the system applies. A straightforward FIFO strategy would not be sufficient for cryptocurrency transactions, hence the algorithm that Node40 implements uses the true carrying cost and days held.

The main challenge Node40 tackles has to do with the failure of current software to take minute-by-minute price fluctuations into account. So far the tool has undergone thorough beta testing using real-world use cases.

Due to the advantages of the tool, Mr Woodin expects great demand.

Recent Posts

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

17 hours ago

SEC’s Crypto Mom is calling for the U.S. to catch up and considers a ban on Bitcoin foolish

According to Hester Peirce, an American lawyer and Commissioner at the US Securities and Exchange Commission (SEC), a government ban…

17 hours ago

Bloomberg expects Bitcoin price to land on $400,000 in this halving cycle

In the latest edition of its monthly “Crypto Outlook,” Bloomberg, senior strategist Mike McGlone reports on the bullish narrative around bitcoin…

18 hours ago

Coinbase high valuation is not a “done deal”, as analysts issue some caution ahead of its direct listing

Looking ahead to next week’s Coinbase direct listing, analysts conclude that by no means it is a “done deal” game…

18 hours ago

Bitcoin’s adoption is at a “tipping point”, according to Fidelity Investments Executive Tom Jessop

During an interview at Marketwatch and Barron’s “Investing in Crypto” event, Tom Jessop, Head of Fidelity Digital Assets at Fidelity…

3 days ago

Cardano’s Alonzo upgrade is expected to be live by end of summer

In a blog post that was announced on their Twitter page on Thursday, The Input Output HK (IOHK) team outlined…

3 days ago