NEW YORK, June 18, 2020 /PRNewswire/ --Ernst & Young LLP (EY US) announced today the launch of EY CryptoPrep, a cryptocurrency application that assists with US tax filings. This new Software as a Service (SaaS), web-based product is a fully automated, enterprise-grade crypto tax engine offering step-by-step guidance through the crypto tax process.

EY CryptoPrep supports many major cryptocurrency coins and exchanges. Aggregating and reconciling transaction data, it applies appropriate tax rules to deliver a detailed account of cryptocurrency capital gains or losses. It then provides a completed Form 8949 for all applicable tax years. The core technology and service are also available to clients as a managed service through EY TaxChat and the EY Blockchain Analyzer.

"Our clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes," said Marna Ricker, EY Americas Vice Chair of Tax Services. "TheEY Foundry, our internal corporate venturing unit, created EY CryptoPrep to modernize the crypto tax accounting process."

Cryptocurrency transactions trigger tax filing obligations on the basis of the resulting capital gains or losses. EY CryptoPrep calculates crypto responsibilities for the current tax year and even enables users to submit amended returns for prior years to reconcile previous tax liabilities.

"EY CryptoPrep expands our innovative portfolio of successful new digital businesses," said Chirag Patel, EY Foundry Leader. "EY CryptoPrep is another great showcase of our commitment to address the evolving needs of our clients."

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. For more information about our organization, please visitey.com.

This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.

SOURCE EY

http://www.ey.com

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EY Launches First-Of-Its-Kind Cryptocurrency Reporting App - PRNewswire