EY’s New Tool Makes Calculating Crypto Taxes Easier
- 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 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.
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.
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
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- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
- During an interview with FT, CEO Brian Armstrong said that before the lawsuit a SEC staff member had said that all crypto except BTC was security, and should be delisted.
- When asked how he came to that conclusion, the SEC staff member reportedly said “we’re not going to explain it to you, you need to delist every asset other that Bitcoin”.