Ernst & Young LLP is a multinational professional services firm who has introduced an EY Crypto-Asset Accounting and Tax (CAAT) tool which will be used to calculate cryptocurrency tax. Institutional and individual clients who trade smaller scale crypto-assets will be served through the tool. The tool will also be served to those institutional clients who have crypto-assets on their balance sheets. It has the capability to keep information about those transactions which are related to cryptocurrency exchanges.
The partner and EY Global Blockchain Tax leader Michael Meisler, “The initial validation we have received from the market has been phenomenal, but it only represents the beginning. EY professionals and clients alike are eager to leverage this technology. EY CAAT is the hallmark of our efforts in crypto-assets and blockchain from a Tax perspective globally, and we will continue to work hard to make it the product of choice for EY clients.
Asset management firms along with various industries clients can benefit from the cryptocurrency tax tool once the crypto market evolved and crypto-assets usage increased. The EY Private Client Services practice serve high net worth individuals and the product will be leveraged for the individuals. Licensed and experienced EY professionals prepare individual tax returns and the product will be available for that mobile tax preparation service which connects users with the professionals. EY TaxChat provides this mobile tax preparation service.
EY is known as a global leader in assurance, tax, transaction, and advisory services. The main purpose of EY is to build trust in the capital markets through their insights and quality services, PRNewswire reported.
CoinTracking.info is also created to calculate cryptocurrency tax. It reports gains or losses at tax time. The latest updates to CoinTracking.info are hassle-free data management, easier deposit/withdrawal reconciliation, scan and eliminate duplicate transactions, improved API support, less paperwork for US-based crypto traders, new features for the UK and Canadian traders, DrakeSoftware integration, and auditing return before you submit, Ethereum World News reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]