Ernst & Young (EY), one of the “Big Four” auditing and professional services firms, has launched a tool to help cryptocurrency users with their accounting and tax calculation.
The tool, called EY Crypto Asset Accounting and Tax (CAAT), aims to help U.S. customers with their Internal Revenue Service (IRS) tax returns for crypto assets, according to a press release published on March 4. It is targeted not only at institutional investors, but individuals who trade crypto assets on a smaller scale as well. The firm commented:
From a retail client perspective, the product will be leveraged for high net worth individuals served by the EY Private Client Services practice and made available to users of EY TaxChat, a mobile tax preparation service that pairs users with licensed and experienced EY professionals who prepare individual tax returns.
According to the press release, CAAT can get transaction information from “virtually all major exchanges“, consolidate data from various sources, and produce reports, including crypto-related IRS tax returns.
The number of tools that help with crypto tax calculation has been increasing lately, mainly because of the complexity of such calculations. Coinbase, for an example, recently integrated the TurboTax tool, a tax-filing software offered by the Intuit Consumer Tax Group, for its U.S. customers.