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31 July 2021
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EY launches tax tool for cryptocurrency

EY, one of the “Big Four” accountancy companies, has released a tool for tax matters concerning cryptocurrency, according to a press release published on 4 March.

The software, called EY Crypto-Asset Accounting and Tax (CAAT), helps users with the accounting and calculation of tax on cryptocurrencies.

The company says that CAAT can include the transaction information of almost all large cryptocurrency exchanges in the calculations. Furthermore, the tool can automatically prepare reports for the Internal Revenue Service (IRS), the American tax authorities.

The tool is intended for institutional clients as well as individual customers with access to EY Taxchat and EY Private Service clients.

At the end of January, Coinbase announced that it will assist its customers in the United States with filing tax returns using TurboTax.

Meanwhile, EY has been appointed by the Canadian court to investigate the cryptocurrency-exchange QuadrigaCX case and the missing $ 150 million in cryptocurrency.

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