Ernst & Young Creates Tax Tool For Crypto Traders
Ernst & Young (EY), a Big Four auditing and consulting corporation, presented a product for accounting and processing taxes on crypto transactions, according to a press release.
The new solution is called EY Crypto-Asset Accounting and Tax (CAAT). It allows to calculate and account taxes after transactions with digital assets both for institutional traders who carry out large transactions and retail traders with a small trading volume.
The CAAT product can obtain information about operations with digital assets from almost all of the most popular trading platforms, collect data from multiple sources, and generate tax reports automatically in accordance with the requirements of the IRS.
The first feedback from market participants on CAAT was extremely positive. The product is the result of the EY's work in the crypto and blockchain sphere on tax issues, Michael Meisler, the head of EY Global Blockchain Tax, stated.
There are already several solutions related to the reporting on crypto taxes on the market. In February 2019, the authors of the tax software TurboTax Online in the United States entered into a partnership with CoinsTax to keep a record of revenues from crypto transactions. Besides, Coinbase has provided its users with a resource that will help them pay taxes after crypto transactions.