One of the Big Four Accounting Firms Ernst & Young (EY) has announced that a new crypto tax app called EY CryptoPrep will help crypto investors in US with tax filings.
EY CryptoPrep is a fully automated, web-based Software as a Service (SaaS) product to assist clients with U.S. tax filings. The app takes data from numerous exchanges and major cryptocurrencies while automatically applies relevant tax rules and completes Form 8949. Clients can choose to use the program themselves or have it as part of a managed service.
EY America’s Vice Chair of Tax Services Marna Ricker explained:
“Our clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes.”
This is not the first offering from EY targeting digital financial assets. The firm unveiled an auditing software for cryptocurrencies called EY Blockchain in April 2018. EY Crypto-Asset Accounting and Tax, a tool that facilitates accounting and tax calculations for crypto transactions, targeted at both institutional and retail investors, was launched last year.
Cryptocurrencies have caused confusion and difficulty for many users due to stringent recording requirements for traders. Moreover, there is prevalent of somewhat opaque tax regulations in certain cases. The app arrives just in time as the IRS looks as if it’ll be cracking down on non-compliance in cryptocurrency tax.
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislations are available via ey.com/privacy. For more information about our organization, please visit ey.com.
The source news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.
Source: EY | Cointelegraph | Image: Pexels