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Author Topic: Bitcoin Expense Tracker *Revolutionary accounting Software  (Read 1776 times)
Sembro Development
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September 02, 2014, 04:13:59 AM
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New Software Makes Bitcoin Taxes A Breeze!


The Bitcoin Expense Tracker from software developer Sembro Development facilitates the documentation of gains and losses from Bitcoin for taxing and personal purposes. After linking all virtual currency wallets to the Bitcoin Expense Tracker, the software automatically registers all transactions and calculates tax liability.

The IRS ruled that virtual currency is treated as property, making price fluctuations in Bitcoin subject to capital gains taxes, which can be cumbersome. For example, on August 31, 2014 the price of Bitcoin reached a low of $475.17 and a high of $502.54, marking a price swing of $27.37. With Bitcoin’s usership and volatility increasing, these fluctuations are likely to continue, if not exacerbate, and all of them will be taxed!

Now, all Bitcoin users must keep records of all Bitcoin purchases, sells, and transactions, including the time, date, and US dollar value to keep up with tax liability. The IRS reserves the right to impose penalties on any individuals or businesses that treated a virtual currency transaction differently than as stated by the IRS in Notice 2014-21. That means the IRS can back tax all Bitcoin transactions.

For the average Bitcoin trader and user, keeping records of all transactions is time consuming and difficult. Since the virtual currency’s inception in January 2009, thousands upon thousands of transactions have been made. All are now subject to taxing via the IRS.

Sembro Development created the Bitcoin Expense Tracker to save users and traders the time and energy required to research and record all of their Bitcoin transactions and their relative US dollar value.

The software makes this painstaking tax process easy by automatically recording all Bitcoin transactions, showing account values, total spending, tax liability, total unrealized assets, and a register of internal transfers and external buys and sells. The Bitcoin Expense Tracker can also export reports and label individual accounts. In addition, the application works in retrospect so all past transactions are recorded.

For more information, visit the company’s website: https://www.sembrodevelopment.com/for-traders/

Information on IRS taxing taken from Notice 2014-21, available here: http://www.irs.gov/pub/irs-drop/n-14-21.pdf

Bitcoin price information taken from http://www.coindesk.com/price/

Basic Spec Overview:


-Monitor purchases and sells of bitcoin from any of your wallets from just one location on your desktop.

-Automatically registers internal transfers vs. external buys/sells

-Calculates Tax Liabilities (capital gains) automatically

-Records every transaction and includes: date & time, amount, and purchase price/sale.

-Automatically calculates total unrealized assets in bitcoin

-Displays account value(s) and Total spending

-Ability to export reports for accounting or general sorting

-Label individual accounts for easy sorting and reporting

-Function to link all addresses together to create reports, display total gain/loss, total unrealized assets, total value, and total expenditures

-Pulls transactions that have happened before using this software automatically upon entering wallet address making reconciling records extremely easy

Try Now!
http://payments.sembrodevelopment.com/sembro/

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