Ernst & Young, the professional services company that is based in the United Kingdom, has launched EY CryptoPrep, a cryptocurrency tax application. Ernst & Young created EY CryptoPrep to help its customers with filing US taxes.
EY CryptoPrep imports data from popular cryptocurrency exchange and considers various tax regulations to effortlessly complete IRS Form 8949. EY CryptoPrep is entirely web-based so it can run on multiple platforms. Pricing depends on transaction volume, but starts at $49 for self-serve use. EY CryptoPrep is also available as part of Ernst & Young’s managed tax preparation service EY TaxChat as well as EY Blockchain Analyzer.
In a release, EY Americas Vice Chair of Tax Services Marna Ricker stated, “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.”
EY CryptoPrep currently supports more than 1,000 different coins and regularly adds new cryptocurrency options. Although EY CryptoPrep supports most leading cryptocurrency exchanges, users also have the ability to import transactions manually.
Cryptocurrency traders may be required to pay taxes depending on their capital gains and losses. EY CryptoPrep not only determines tax liabilities for the current year, but users have the options to amend old returns should they need to deal with taxes from previous years.
Last year Ernst & Young released a cryptocurrency account and tax tool called EY Crypto-Asset Accounting and Tax (CAAT), which performs accounting and tax calculations for both retail and institutional investors.
EY Foundry Leader Chirag Patel noted, “EY CryptoPrep expands our innovative portfolio of successful new digital businesses. EY CryptoPrep is another great showcase of our commitment to address the evolving needs of our clients.”
More information about EY CryptoPrep can be found at cryptoprep.ey.com