EY Launch Crypto Tax Tool

EY Launch Crypto Tax Tool

Big Four Auditor, EY have now made it easier than ever before to process your cryptocurrency taxes with the roll-out of the brand new EY Crypto-Asset Accounting and Tax (CAAT) tool.

EY CAAT, as the product is known, is part of their effort to be the leading auditor involved in the blockchain industry. The tool will help everyday investors manage the accounting of their cryptocurrencies by working out the tax calculations for them. This will be very welcomed by those in the community struggling to get their heads around taxing this year.

It will be able to process information from all the major exchanges and also combine sources. As such, if you have stored your crypto in a few places, the tool can help work it all out at once automatically. The service can be utilised by both small-time investors, as well as those involved in the community on a higher level too, with it also available to institutions.

EY’s recent acquisition of technology assets which will be integrated with EY’s existing service to create EY CAAT. It is hoped that this new tool will assist in transitioning the crypto businesses into the mainstream. Speaking ahead of the launch, EY Global Blockchain Tax leader Michael Meisler, stated, “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.”

EY CAAT is one of the latest innovations to help assist crypto users with their taxes. Last month, Coinbase also announced new services to assist users, linking up with online tax services to simplify the process.

As such, there is now no excuse not to make sure everything is above board and stay safe from the taxman.

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