Accounting Giant Ernst & Young Launches Automated Crypto Tax Platform

Ernst & Young (EY) says crypto traders can now track their annual gains and losses on cryptocurrencies across all major exchanges through its new EY CryptoPrep platform.

The Software as a Service (SaaS), web-based filing solution is a fully automated engine that provides step-by-step guidance through the crypto tax filing process, according to a press release. 

The platform collects transactions from exchanges, allows users to enter off-exchange activities, applies the relevant taxes, and compiles the information into a downloadable 8949 tax form for current and past years.

The platform currently supports over 1,000 crypto assets, and pricing starts at $49 for up to 20 cryptocurrency transactions.

Marna Ricker, vice-chair of tax services at EY Americas, says the company created the EY CryptoPrep software to revamp the cumbersome process of filing crypto taxes.

“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 product launch comes roughly one month before the July 15th deadline to file 2019 federal and state taxes.

 

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