LONDON, March 18, 2021 /PRNewswire/ — EY right this moment proclaims the availability of the Tax Calculator resolution for the 2020 tax yr. The answer is the newest addition to the EY Blockchain Analyzer product suite and robotically calculates capital positive aspects for varied cryptocurrency transactions.
The new Tax Calculator is a software program as a service (SaaS) software that can simplify the method for US tax filings for people who maintain crypto and must report it on their US tax returns.
The Tax Calculator expands the capabilities of the EY CryptoPrep tool, built-in in a single world platform obtainable on blockchain.ey.com. Particularly, the Tax Calculator imports crypto transactions from a number of main cryptocurrency cash and exchanges, offering a transparent view of all transactions by exchanges, years and sort of transaction. As well as, the device robotically calculates a consumer’s capital positive aspects and losses, simplifying the method of calculating tax returns and producing a draft Type 8949 on gross sales and inclinations of capital belongings for people to assessment and file.
Michael Meisler, EY Americas Cryptocurrency Tax Heart of Excellence Chief, says:
“The Tax Calculator addresses evolving wants because the crypto panorama continues to construct momentum, making the efficient administration of crypto taxes important. People can use the Tax Calculator to streamline and automate their crypto tax processes in a single centralized location.”
Paul Brody, EY World Blockchain Chief, says:
“Trying forward in 2021, EY groups will proceed to discover increasing the Tax Calculator past the US – offering people with a centralized administration expertise to simplify the challenges related to crypto tax. Creating an increasing set of tax capabilities to help each people and enterprises is a key element of the EY technique to help shoppers with enterprise transactions, together with cryptocurrency actions on enterprise blockchains.”
EY World Media Relations
+1 212 773-4473