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March 7, 2019

EY launches cryptocurrency accounting and tax tool in US

Ernst & Young LLP has launched EY Crypto-Asset Accounting and Tax (CAAT), a tool for accounting and tax calculations for cryptocurrency transactions.

EY CAAT sources transaction-level information from major exchanges. It consolidates data from multiple sources and allows for the automated production of various reports and dashboards, and the preparation of IRS tax returns related to crypto-assets.

According to the Big Four firm, it was developed by integrating recently acquired technology assets and related patents with other EY processes. It will be used to serve institutional clients that have crypto-assets on their balance sheets, as well as both institutional and individual clients who trade such assets on a smaller scale.

EY Americas vice chair of tax services Marna Ricker said: "We are excited to offer an innovative technology specifically to address our clients' needs in the crypto-asset space. I appreciate the efforts of the EY Foundry and professionals across our practice who have made this breakthrough.”

EY Foundry leader Chirag Patel said: "The world of crypto-assets and cryptocurrency investing continues to evolve. It is the Foundry's mission to stay ahead of the market as best that we can and to launch new digital solutions and digital businesses to help our clients do the same.”

The product will also be used with high net worth individuals served by the EY Private Client Services practice and made available to users of EY TaxChat, a mobile tax preparation service that pairs users with licensed and experienced EY professionals who prepare individual tax returns.

As the market evolves and crypto-assets increase in utility, clients across a range of industries, and particularly asset management firms, may benefit from the technology.

 

By Asena Degirmenci

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