Ernst & Young LLP (EY), an accounting services giant has launched a tool for calculating the tax payable on cryptocurrency holding for its client based out of the United States.
The company provides its clients with assurance, transaction, tax and advisory services. The accounting company calls its tool Crypto-Asset Accounting and Tax (CAAT)which help to account and calculate taxes for cryptocurrency transactions.
In July last year, the company acquired the tool from Elevated Consciousness, a San Francisco, California based startup.
The tool would help its clients to connect to multiple cryptocurrency exchanges and wallets. A user can have better visibility into their holding and transaction with this tool. The tool can also source transaction-level information from most of the crypto exchanges.
The company would also provide its service to many companies which are adopting cryptocurrency as assets in the changing regulatory environment.
Clients who hold Bitcoin in their balance sheet would find it easy to use the EY CAAT tool.