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NODE40 beefs up cryptocurrency reporting software

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NODE40, a blockchain accounting software maker that provides Balance, a cryptocurrency reporting software, has created a new tier for Balance aimed at accountants and tax preparers.

The upgraded Professional tier allows CPAs, bookkeepers and tax professionals to track clients separately under one master account and offers shared access when sensitive information must be requested.

“With the deadline for U.S. tax filings approaching, accountants were asking us to solve problems that the marketplace just hasn’t addressed yet,” said Perry Woodin, co-founder of NODE40, in a statement. “By listening to our CPA customers, several themes, or requirements, emerged that no other platform was providing. Many accountants have a good handle on what needs to be done but want a single comprehensive system to automate it. Others need more handholding so we cater to both. A back-office solution is now available to providers that need either another set of hands or maybe a detailed tutorial on how to work with crypto clients.”

NODE40 Balance is avialable in Basic, Essentials and Professional price tiers. The new Professional tier includes all the features in the Essentials tier, such as unlimited transactions, 500 crypto wallet ledgers, and access to SMART (simple multi-account reporting technology) to track cost basis from wallet to wallet to exchange. It also has a number of special functions, including the ability to manage all clients from one account, unlimited bookkeeper accounts for staff, unlimited ledgers, multi-seat discounts and the ability to share access with clients. Professional users will also be paired with a personal account manager, offering live chat and phone support, an available back-office extension to their practice and upcoming FBAR, FATCA and closing position reports.

During this tax season, NODE40 has reportedly been working with CPAs and individuals who need to get their crypto taxation reporting right to prepare for a possible IRS audit. According to the company, the increase in crypto tax reporting has been largely driven by individuals hoping to harvest crypto losses against other tax liabilities. However, NODE40 has warned that those choosing to do so must follow the correct procedure for tracking crypto assets through their entire lifecycle.

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Cryptocurrencies Bitcoin Digital currencies Tax strategies Blockchain