credit to cointelegraph.com
Blockchain Software as a Service startup Node40 has released its cryptocurrency tax reporting product for Bitcoin users.
Having initially been available for Dash traders, the company’s Balance software is now able to to calculate Bitcoin gains for tax reporting purposes precisely.
The tool is a direct response to increased scrutiny from US authorities, not least among which the IRS’ ongoing battle with Coinbase amid surging user numbers.
“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,” CEO Perry Woodin said in a press release about the launch.
Perry Woodin said,
“The voluntary compliance rate for United States citizens is over 80 percent, 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.”
source https://cointelegraph.com/news/bitcoin-users-get-dedicated-tax-reporting-software-in-us