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Ernst Young has published an app to make filing crypto taxes easier

June 19, 2020

The multinational service company Ernst Young (EY) launched an app for the tax return in cryptocurrency called EY CryptoPrep. It is a software as a service product (ScuS) Fully automatic web-based to support customers in their tax returns In the United States.

EY CryptoPrep collects data from numerous exchanges and major cryptocurrencies. Apply the appropriate tax rules automatically and fill out form 8949. Customers You can use the program yourself or as part of a managed service.

Marna Ricker, EY Vice President for Tax Services, said this The app was a direct response to the growing interest in cryptocurrencies:

“Our customers have and are changing more and more cryptocurrencies, which necessitates the need for an innovative solution to deal with the increasing complexity of filing cryptocurrency taxes.”

Ernst  Young has published an app to make filing crypto taxes easier
Ernst Young has published an app to make filing crypto taxes easier

Cryptocurrencies have caused confusion and difficulty due to many users strict requirements for identity verification on platforms, just like Tax regulations somewhat opaque in certain cases.

The IRS takes action

The app arrives at the US Internal Revenue Service just in time (IRS) seems to be taking Drastic measures against non-compliance with cryptocurrency tax. In May of this year, they submitted a Declaration of Employment (SOW) asking private contractors to help review the declarations Taxes related to digital assets.

The IRS has not yet resolved What are your 2019 crypto tax guidelines, but yes noted that US citizens have to declare their crypto holdings, including profit or loss.

Global fiscal uncertainty

The United States is not the only country to further develop its cryptocurrency tax laws.. Earlier this week, South Korea’s finance minister He confirmed that he would levy a tax on cryptocurrencies in the near future. He said that too The government is conducting international debates to a new digital tax structure.