Ernst & Young rolls out new crypto tax instrument

Posted 05 March, 2019

Ernst & Young consulting and audit firm commissioned a tool that is aimed to help the crypto market players to cope with their accounting and taxes calculation.

The launch of the new solution was announced this Monday. The tool called EY Crypto-Asset Accounting and Tax (CAAT) is developed to facilitate the accounting and tax calculation processes for institutional and individual customers related to the crypto industry.

The company stated in the press release:

"The pioneering software was developed by integrating recently acquired technology assets and related patents with other EY processes for total functionality. The acquisitions were led by EY Foundry, a corporate venturing unit within EY Tax charged with developing transformational digital businesses."

Ernst & Young believes the tool will favour asset management firms companies since the digital asset segment keeps on evolving and increase in utility.

"EY CAAT has the ability to source transaction-level information from virtually all major exchanges. It consolidates data from multiple sources and allows for the automated production of various reports and dashboards, and preparation of IRS tax returns related to crypto-assets," the official press release reads. 

It should be mentioned that EY TaxChat and EY Private Client Services customers will also be allowed to enjoy the solution.

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05 March, 2019 14:19

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