Swapping, zapping, farming. Smart contracts, NFTs, wormholes. Welcome to the world of cryptocurrency accounting. Not only is the vocabulary often foreign, but the underlying technology is evolving so rapidly that it can take time to remain informed.  If your clients engage with cryptocurrency, you need to support them or risk losing business. If you don’t yet have clients with cryptocurrency, you will soon enough.  The good news is that you don’t have to keep up with technological advancements in cryptocurrency. If you select the right technology partner, you can continue to focus on ..read more

The report discusses the current state of the blockchain economy and provides a primer on key blockchain technologies and use cases. “Interest in cryptocurrencies has never been higher.” – FT Partners report: The Blockchain Economy, April 2022 FT Partners, a leading investment banking firm focused exclusively on the financial technology sector recently included NODE40 in its Fintech Industry Research report. Also included in the report were notable companies in the space including Ledger, Figure, Blockchain.com, ConsenSys, FTX, and OpenSea. The companies profiled make up the key infrastructur ..read more

You made it! Another tax year in the bag — or at least deferred until October. Now you can take the time to think about strategy.  Tax strategy and tax liability are two sides of the same coin. An effective tax strategy can mitigate one’s tax liability. With cryptocurrencies, the difficulty lies in understanding the true cost basis of the assets as they move around. NODE40 identifies and tracks the basis of specific tax lots, allowing the application of a strategy that can be defended with an audit against the blockchain.  Knowing one’s exact basis allows for proactive management of ..read more

NODE40, the software company behind NODE40 Balance, an essential platform for individuals, accountants, and auditors has joined the Wall Street Blockchain Alliance (WSBA). Its addition to the growing family of WSBA corporate members reinforces NODE40’s commitment to advocacy of transparency and compliance in the cryptocurrency and blockchain space. “We’ve followed the Alliance for several years now and have been consistently impressed with their professional insights and reasonable positions on significant movements throughout the industry; be it responses to proposed rule changes or commentar ..read more

The IRS is about to make an example out of cryptocurrency tax avoiders – don’t let it be you. This year, the IRS will ask you if you had cryptocurrency in 2019 and it’s going to make a lot of people nervous. Until now, those choosing to report taxes on crypto were somewhat shielded from ambiguous guidance and loose interpretations of accounting strategies but the flurry of recent activity from the IRS points to clear mission to seek out avoiders and recover lost “revenue.” Stay Safe – Get the Right Numbers At NODE40, we operate in the most transparent ways possible so you understand how we cal ..read more

A lot of people are, but you don’t have to be one of them this tax season. Over the last five years, the customer support team at NODE40 has been fielding all sorts of questions from customers and reporters, so we tailored our self-service tax platform to help you make sense of your cryptocurrency tax obligation. We’re kicking off January with a series of short (1-2 minute) YouTube videos focused on key areas of confusion and how to master them in NODE40 Balance. Head on over to our YouTube Channel and be sure to click Subscribe. We hope you find these videos helpful as you wor ..read more

You made it! Another tax year in the bag — or at least deferred until October. Now you can take the time to think about strategy.  Tax strategy and tax liability are two sides of the same coin. An effective tax strategy can mitigate one’s tax liability. With cryptocurrencies, the difficulty lies in understanding the true cost basis of the assets as they move around. NODE40 identifies and tracks the basis of specific tax lots, allowing the application of a strategy that can be defended with an audit against the blockchain.  Knowing one’s exact basis allows for proactive management of ..read more

NODE40, the software company behind NODE40 Balance, an essential platform for individuals, accountants, and auditors has joined the Wall Street Blockchain Alliance (WSBA). Its addition to the growing family of WSBA corporate members reinforces NODE40’s commitment to advocacy of transparency and compliance in the cryptocurrency and blockchain space. “We’ve followed the Alliance for several years now and have been consistently impressed with their professional insights and reasonable positions on significant movements throughout the industry; be it responses to proposed rule changes or commentar ..read more

The IRS is about to make an example out of cryptocurrency tax avoiders – don’t let it be you. This year, the IRS will ask you if you had cryptocurrency in 2019 and it’s going to make a lot of people nervous. Until now, those choosing to report taxes on crypto were somewhat shielded from ambiguous guidance and loose interpretations of accounting strategies but the flurry of recent activity from the IRS points to clear mission to seek out avoiders and recover lost “revenue.” Stay Safe – Get the Right Numbers At NODE40, we operate in the most transparent ways possible so you understand how we cal ..read more

NODE40, a leader in cryptocurrency tax calculation, announced today its SMART algorithm (Simple Multi-Account Reconciliation Technology), designed to track and match the cost basis of cryptocurrency transactions is now patent pending with the US Patent and Trademark Office. “The IRS recognizes that a lot of taxpayers have trouble explaining cryptocurrency transactions on their taxes and often misreport. SMART solves this by prioritizing transparency and accuracy to produce a defensible audit trail the IRS is familiar with and the taxpayer can have confidence in,” said Perry Woodin, CEO of NODE ..read more