Ernst & Young purchases tax tool for reporting cryptos

Tuesday 5 March 2019 11:51 CET | News

Big Four company Ernst & Young (EY) has launched a tool for accounting and preparing taxes on cryptocurrency holdings.

The EY Crypto-Asset Accounting and Tax (CAAT) tool is designed to facilitate accounting and tax calculations for digital currency transactions. This tool is meant to be used by institutional customers who have cryptocurrency on their balance sheets, as well as individuals who trade crypto assets on a smaller scale. Moreover, the service will be available for the EY TaxChat users and to EY Private Client Services clients.

Reportedly, the EY CAAT’s features include getting information about cryptocurrency transactions from ‘virtually all’ major exchanges, consolidating data from various sources, and automatically producing reports, such as cryptocurrency-related Internal Revenue Service (IRS) tax returns.

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Keywords: Ernst & Young, tax, cryptocurrency, digital currency, transactions , institutional customers, exchanges
Countries: World