Ernst & Young (EY) one of the “Big Four” accounting firms in the world has launched a tool for accounting and reporting cryptocurrency assets.
According to AccountingToday, Ernst & Young has launched a tool called EY Crypto-Asset Accounting and Tax (CAAT) for tax calculations for the cryptocurrency transactions. This tool is made for both businesses and individual trader.
EY has offered this service for those customers who have been already using EY TaxChat and EY Private Client Services, clients.
The accounting firm has developed this tool by acquiring Crypto-based Technology company called CAAT. This acquisition was done so that EY to be the global leader in supporting companies adopting crypto-assets.
Michael Meisler, partner and EY global blockchain tax leader says EY has received a positive response from the market regarding the tool and this is just the beginning.
Meisler also added that,
“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.”
EY CAAT is developed in such a way that it can gather data from multiple exchanges and production is automated so that the dashboard will be able to display the reports.
The Accounting firm can see that this tool will benefit its clients and companies related to asset management.
What do you think of this tax reporting tool by EY? let us know in the comments below.