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Ernst & Younger Launches Utility to Assist US Crypto Buyers With Tax Filings

Ernst & Younger (EY) has launched a brand new software that helps U.S. cryptocurrency merchants calculate and file their taxes with ease.

The EY Cryptoprep app, a Software program as a Service (SaaS) web-based crypto tax engine, helps customers calculate crypto-related features and losses that should be reported on Type 8949, a type used to report gross sales and exchanges of capital belongings.

In line with a June 18 assertion from EY, one of many 4 largest accounting firms on the earth, the engine provides step-by-step steering by the crypto tax course of. Customers of the applying, which helps main digital belongings, can join it to numerous exchanges to gather knowledge about all their transactions.

EY Cryptoprep will then combination and reconcile the information earlier than making use of the related tax guidelines to provide an account of crypto capital features or losses. Afterward, a accomplished Type 8949 for all relevant years is issued. The app additionally permits customers to submit amended returns for previous tax liabilities, not solely the present 12 months.

Ernst & Younger vice-chairperson for tax companies Marna Ricker claimed the agency is responding to growing demand.

“Our clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes. The EY Foundry, our internal corporate venturing unit, created EY Cryptoprep to modernize the crypto tax accounting process,” mentioned Ricker.

This isn’t the primary providing from EY concentrating on digital monetary belongings. The agency unveiled an auditing software program for cryptocurrencies known as EY Blockchain in April 2018. EY Crypto-Asset Accounting and Tax, a device that facilitates accounting and tax calculations for crypto transactions, focused at each institutional and retail traders, was launched final 12 months.

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“EY Cryptoprep expands our innovative portfolio of successful new digital businesses,” mentioned Chirag Patel, Ernst & Younger foundry chief, within the assertion.

The Inner Income Service deadline for tax returns is July 15, 2020.

What do you consider the EY crypto tax calculation device? Tell us within the feedback part beneath.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, EY

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