Topic: Ernst & Young Launch Tool for Filing Crypto Taxes (Read 240 times)

Professionals aren't very expensive, especially if not very complicated, we're talking $200 to get much more back. As others have said HR block and others suck (they just grab Joe shmoes every year who run the same program on the website)

Companies from big 4 are working only with companies and the government. I am not surprised that they are not making any tools for private usage. Even if they did all those  things about connections to multiple exchanges sound too complicated for personal users and small businesses. Especially considering that most of private users are not using cryptocurrencies on a daily basis and their annual "crypto volume" is not that big to have a separate tool for that.

Here is the news link directly from EY website and I am proud to say that I am an alumni of EY and had served them for 4 years in India!

https://www.ey.com/us/en/newsroom/news-releases/news-new-ey-caat-technology-facilitates-cryptocurrency-reporting-and-compliance

The sad part is that, this CAAT tool is only for the institutional clients those who can afford to have a costly consultant like EY. Also if I am not wrong, KPMG is planning to launch a similar tool in coming months. The war for crypto accounting has just got a little more hotter!

You might be right but not everyone has the financial liberty of being able to afford a professional.
For those that dont, tools like this are very beneficial.

This is definitely good news.  As more industries recognize the ligitimacy of crypto, the more awareness of the entire market for the general public.  Education and knowledge are key factors to widespread acceptance of this new currency.

This is good, and it certainly legitimizes crypto more than any ad or TV show that people seem to be very excited about. It also signifies that there is good demand for such services for large auditing firms to step in and get involved. If nothing else, this helps crypto users avoid potential headaches lol.

I always have a good tax attorney look my returns over each year, but I also need to track and estimate throughout the year on my own to make sure I can cover my tax liabilities and also so my quarterly estimates are fully paid. I saw Turbo Tax launched a product for cryptocurrency, and I'm glad to see this from EY too. I've already done the nitty gritty work on last year's taxes but I'll probably opt to use one of them in the future.

Stay away from H&R Block and business like that, though. They're a ripoff and incompetent as well.

https://www.21cryptos.com/ernst-young-launch-tool-for-filing-crypto-taxes/

Big Four consulting firm Ernst & Young (EY) has launched a cryptocurrency tax tool to assist crypto users when the dreaded tax returns are due. A press release states that the EY Crypto-Asset Accounting and Tax (CAAT) tool is a technology solution that “facilitates accounting and tax calculations for cryptocurrency transactions”.

“EY CAAT exemplifies our commitment to exceptional client service in a changing landscape,” said Marna Ricker, EY Americas Vice Chair of Tax Services. “We are excited to offer an innovative technology specifically to address our clients’ needs in the crypto-asset space”.

The rollout is limited to the US at the moment, but with plans to expand worldwide. Regulations surrounding crypto taxes are different in every country, but US crypto investors must report gains and losses on every cryptocurrency transaction or when they earn any cryptocurrency.  Regardless of gain or loss, even if the gain or loss is not significant, the Internal Revenue Service (IRS) holds the user responsible for reporting all income and transactions.

Because the IRS identifies crypto as property and not currency, tax rules that apply to property also apply to cryptocurrencies.
Connecting With Multiple Crypto Exchanges And Wallets

EY CAAT has the ability to source transaction-level information from virtually all major exchanges, consolidating data from multiple sources and allowing for the automated production of various reports and dashboards, and preparation of IRS tax returns related to crypto-assets.

“The initial validation we have received from the market has been phenomenal, but it only represents the beginning,” said Michael Meisler, partner and EY global blockchain tax leader. “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”.

EY CAAT will be used to serve institutional clients that have crypto-assets on their balance sheets, as well as institutional and individual clients who trade on a smaller scale.