Ernst&Young launched a service to automate the payment of cryptocurrency taxes in the USA

The consulting company Ernst&Young has launched the EY CryptoPrep application, which automatically receives data onuser transactions from cryptocurrency exchanges and fills out a tax return.

EY CrypoPrep runs as a SaaS platform(software as a service). The application allows you to receive data from many different cryptocurrency sites and supports operations with major cryptocurrencies. After processing the data, EY CrypoPrep fills out tax form 8949.

“Our clients are increasingly storing cryptocurrencies andtrade such assets. This creates a need for an innovative product to address the complexities of tax filing,” said Marna Ricker, Ernst & Young Americas Vice Chairman of Tax Services.

She also stressed that paying taxes withcryptocurrencies has become a problem for many users due to the strict requirements for providing transaction history and insufficiently transparent tax rates.

Let us recall that, as reported in May, the US Internal Revenue Service (IRS) is looking for contractors to assess the correctness of tax payments by cryptocurrency investors.

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