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The Capital

Ernst & Young Launches Crypto Tax App

Ernst & Young consulting company launched the EY CryptoPrep application, which automatically receives data on user transactions from cryptocurrency exchanges and fills out a tax return.

EY CrypoPrep operates as a SaaS platform (software as a service). The application allows you to receive data from many different cryptocurrency sites and supports operations with major cryptocurrencies. After processing the data, EY CrypoPrep fills out tax Form 8949.

“Our clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes,” said Marna Ricker, vice chairman of Ernst & Young’s US tax services division.

She also emphasized that paying taxes on cryptocurrencies has become a problem for many users due to the strict requirements for providing transaction history and insufficiently transparent tax rates.

Recall that, as reported in May, the United States Internal Revenue Service (IRS) is looking for contractors to assess the correctness of tax payments by cryptocurrency investors.

Author: Marko Vidrih

Featured image credit: Unsplash

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Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.