Renowned professional services firm Ernst & Young have revealed its new crypto tax app called EY CryptoPrep. It’s a totally automated, web-based SaaS [Software as a Service] product to help clients with United States tax filings.
EY CryptoPrep analyse data from several exchanges along with the leading cryptocurrencies, automatically applies relevant tax rules and completes Form 8949. Clients can prefer to use the program themselves or have it as a part of a managed service.
While adding further, EY America’s Vice Chair of Tax Services Marna Ricker explained that the new app was an immediate response to growing interest in crypto’s:
“Our clients increasingly hold and trade crypto assets, creating the necessity for an innovative solution to deal with the evolving complexity around filing crypto taxes.”
Crypto assets have caused confusion and difficulty for several users duw to stringent recording requirements for traders additionally to somewhat opaque tax regulations in certain cases.
Crypto, Taxes & Regulators
The app arrives just in time as the IRS looks as if it’ll be cracking down on non-compliance in crypto sector taxation. Earlier in May, they sent out a Statement of work, requesting private contractors to assist in auditing tax returns associated with digital assets.
The IRS has not further clarified its 2019 crypto tax guidelines except to ascertain that United States citizens are required to disclose their crypto holdings including in any gains or losses.
Global Crypto Taxes Uncertainty
The Unites States isn’t the sole country still developing their taxation laws around cryptocurrencies. Earlier within this week , South Korea’s minister of finance confirmed they’re going to impose a cryptocurrency tax within the mere future. He also said the govt was conducting international discussions around a replacement digital tax structure.
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