The IRS Has Started Eyeing The Retail Crypto Investors
The taxes that are within the crypto market has been a dicey kind of business since the beginning. It is due to the lack of decent clarity from the IRS plus the lack of accountability tools that can be used within the crypto space together with the retail investors; thus, this has created some sort of confusion that is taking place.
For several years most of the retail investors have not bothered to take the needed steps in filling the tax returns that are related to their crypto activities. But things seem to be shifting within the crypto space. Just a few days ago the Finance Magnates went ahead to speak to Sean Ryan; he is the co-founder of the digital currency tax agency the Node40. Ryan went ahead to state how his company came about and the reason behind why most retail investors have not been paying their taxes, and also how all this is soon going to change.
More On The Node40
The Node40 platform was not initially established as a tax agency when the platform started it was focusing on the infrastructures that host for the blockchain technology.
In exchange for their service for hosting the blockchains, they would accept payments being made in digital currency. And from here is where the company evolved to what it is at the moment because at the end of the year the company would have a lot of invoices that have been paid in digital currency. From here it was working out what exactly they owed in taxes.
From this is where Ryan went ahead to create several shell scripts that were able to record and further calculate the data that was needed by the company for it to file for its taxes adequately. After undergoing this process of trying to figure the amount of tax they actually owed is when they finally realized that they are not the only ones suffering through the process.
Thus this is where their journey began, but they started with serving the retail investors within the market, which slowly evolved into other business also knowing more about their liability.