Thursday, July 9, 2020
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Ernst & Young launches cryptocurrency tax app

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British Ernst & Young (EY), one of the Big Four audit companies, has announced the launch of a cryptocurrency transaction tax payment application.

The application is called EY CryptoPrep. It automatically collects data from all the largest crypto exchanges and services, applies the appropriate tax standards and fills out the form. Currently, the functionality is designed only for residents of the United States.

Deputy Chairman of the American tax division of EY, Marna Ricker, noted that the need for the application is caused by the growing interest in cryptocurrencies.

“Our customers are increasing the storage and trading of digital assets, creating the need for an innovative solution aimed at eliminating difficulties in filling out tax returns.”

Marna Ricker.

Recall that in the past, the US Internal Revenue Service (IRS) sent letters to more than 10 thousand investors with a request to report on income from operations with cryptocurrency. A month later, the IRS sent new notifications, asking for the exact amount of unpaid funds to the state budget.

At the end of last year, the US Internal Revenue Service for the first time in five years updated the rules for crypto investors.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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