Ernst & Young Introduces Cryptocurrency Tax Reporting Tool

The company Ernst & Young, a member of the "Big Four" in providing audit and professional services, has launched a tool for accounting and tax reporting on crypto assets, says the press release issued by the company yesterday.

The new instrument, EY Crypto-Asset Accounting and Tax (CAAT), was created to improve accounting and tax calculation for digital currency transactions made by institutional clients who have cryptocurrency on their balance, and for individuals who sell crypto on a much smaller scale. Users of EY TaxChat and EY Private Client Services will have access to the new feature.

EY CAAT, reportedly has the opportunity to collect information about crypto transactions from all the major stock exchanges, consolidate data from multiple sources and generate reports automatically, including the IRS tax return. Ernst & Young also reports that the company has recently registered a significant increase in the number of customers owning digital assets.

BNT reported earlier that the state of Ohio has become the first place where businesses are allowed to pay taxes using Bitcoin. The local companies are now allowed to pay 23 different taxes via BTC through a specialized online platform created by the state treasury. 

Image courtesy of Financial Times