Ernst & Young LLP is a multinational professional services firm who has introduced an EY Crypto-Asset Accounting & Tax (CAAT) tool which will be used to calculate cryptocurrency tax. Institutional and individual clients who trade small scale crypto-assets will be served through the tool. Institutional clients who have crypto-assets on their balance sheets will also be served through the tool. The tool can keep information about those transactions which are related to major 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 and crypto-assets performed better. It is stated that the EY Private Client Services practice helps to high net worth individuals and the product will be used for the individuals. Licensed and experienced EY professionals work for individual tax returns. The product will be available for those users who belong to a mobile tax preparation service called EY TaxChat. The purpose of EY TaxChat is to connect the users with licensed and experienced EY professionals.
EY is considered as a global leader in transaction, assurance, tax, and advisory services. EY is created for building trust in the capital markets through their insights and quality services, PRNewswire reported.
CoinTracking.info is also created to calculate cryptocurrency tax. The latest updates to CoinTracking.info are scan and eliminate duplicate transactions, easier deposit or withdrawal reconciliation, less paperwork for the United States (US) crypto traders, new features for the United Kingdom (UK) & Canadian crypto traders, hassle-free data management, DrakeSoftware integration, and improved API support, and auditing return before submitting, Ethereum World News reported.
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