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.
ALBANY, N.Y. (PRWEB) July 15, 2020
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 NODE40.
The recent patent application covers innovations unique to the crypto tax industry. By focusing on how taxpayers actually transact, NODE40 shifts the focus to proof in numbers for explaining taxes paid or losses taken when reporting to a tax authority. SMART is the latest cryptocurrency tax tool developed by NODE40 giving comfort to taxpayers confused about cryptocurrency tax.
The SMART technology is included in every tier of NODE40 Balance and is enabled by default allowing new and existing customers access to an accuracy-focused cost basis history regardless of the number of transactions, exchanges, or wallets in their portfolio. To date, tens of thousands have tried out the platform and by listening to feedback, NODE40 has earned the trust of cryptocurrency traders.
Woodin explained, “Tens of thousands of individuals have tried us out and with so many bad calculators out there producing unsubstantiated numbers, we felt an obligation to cut through it all and offer verifiable results to taxpayers without requiring them to ‘just trust us’. In the end, everyone wins - the taxpayer, the tax authority, and the industry at large.”
Customers are able to preview the platform using a free tier with upgrade options starting at $75 that cover their 10-year history of all activity at no extra cost.
NODE40 Balance (https://www.node40.com/) is the industry leader in providing cryptocurrency reporting software that integrates directly with major cryptocurrency exchanges for unparalleled accuracy. Individuals or businesses transacting in, trading, or mining digital currency, have likely triggered a taxable event and may be unaware of how to properly disclose these transactions. NODE40 delivers transparency, accuracy, and ease of use, focusing on defensibility and not biased optimization.