EY Launches Tax Software for Reporting Cryptocurrencies
Ernst & Young (EY), one of the ‘Big Four’ auditing and consulting firm, has introduced accounting software that can handle cryptocurrencies. The software can also be used to prepare taxes.
The latest tool named EY Crypto-Asset Accounting and Tax (CAAT) has been structured to enhance accounting and tax and computations for digital currency dealings by both institutional clients with cryptocurrency on their financial statements and persons trading on cryptocurrency assets on a lower level. Clients who use EY TaxChat and customers of EY Private Client Services, the facility is offered.
Reportedly, the EY CAAT can gather data on cryptocurrency dealings from “virtually all” key exchanges, concatenate data from multiple sources, and generate reports automatically, including tax records on cryptocurrency-linked Internal Revenue Service (IRS). EY says the number of clients owning crypto assets has grown substantially.
Last month, U.S. tax tax tax filing software TurboTax Online supposedly teamed up with CoinsTax, LLC to offer cryptocurrency tax calculation as one of its service. The service will permit users straightaway from major exchanges to download trading data. Once computed, it is possible to download to or upload capital gains and earnings reports straight away to Form 1040 Schedule D.
In January, Coinbase, one of the main US crypto exchange and wallet service provider, added necessary provisions for US clients to extract crypto transactions on their taxes through TurboTax integration. Coinbase.com and Coinbase Pro users will be able to download tradesnsactions into a new, crypto-specific TurboTax Premier software section automatically. Meanwhile, Ohio’s U.S. state was the first to enable companies to clear taxes using the leading Bitcoin (BTC) cryptocurrency.
Businesses are permitted to remit for 23 kinds of taxes using BTC via an online platform created by the state treasury office.