Bitcoin Tax Confusion Has Accountants Turning to Specialized Software

Every time you convert Bitcoin to anything, be it goods or services, other cryptocurrencies, or even tax payments, it might be a taxable event, depending on your local regulations. It’s not something a lot of cryptonaughts think about when carrying out their daily lives, but potential penalties can be steep for tax evasion. Node40 is a company that originally started out hosting Dash Masternodes for a fee – and they still do this – but then realized that their background as coders could potentially help people in the US blockchain industry accurately assess their cryptocurrency tax liabilities.

Node40 is one of the few providers in the space, having developed what amounts to a QuickBooks for blockchain tokens.

CCN spoke to Perry Woodin and Sean Ryan, the co-founders of the company, recently about the significant increase in demand for their product since Bitcoin blew up last year and many thousands of Americans, potentially millions, entered the cryptocurrency market…