- Accounting company Ernst & Young recently released a crypto tax managing app.
- The app supports multiple cryptos, as well as exchanges, from which it collects the data.
- After collecting information, the app will process it, apply the tax rules, and perform all the calculation.
Filing taxes is already complicated enough, but filing cryptocurrency-related taxes is infinitely more difficult. Crypto users need to take into account every transaction they made within the current tax year, including the ones between exchanges and wallets, as well as their trading activity, profits, losses, and more.
Not only that, but they must also note down the exact price that the assets had at the time when the transactions were made. It is safe to say that calculating taxes is a difficult enough job that even the US IRS requires help doing it.
Due to the vast complications that all of this includes, there has been a growing demand for crypto tax filing apps, that could keep track of user activity and do the necessary calculations on their own.
The newest such app was just launched by Ernst & Young (EY), which can help US crypto users do their tax calculations with ease.
About the app
The app is called EY Cryptoprep, and it is a SaaS (Software-as-a-Service) crypto tax engine that offers a detailed step-by-step guide through the tax process.