- Solution provides capital gains calculations for multiple cryptocurrencies
- Simplifies the process of crypto-related US tax return reporting
EY today announces the availability of the Tax Calculator solution for the 2020 tax year. The solution is the latest addition to the EY Blockchain Analyzer product suite and automatically calculates capital gains for various cryptocurrency transactions.
The new Tax Calculator is a software as a service (SaaS) application that can simplify the process for US tax filings for individuals who hold crypto and need to report it on their US tax returns.
The Tax Calculator expands the capabilities of the EY CryptoPrep tool, integrated in a single global platform available on blockchain.ey.com. Specifically, the Tax Calculator imports crypto transactions from multiple major cryptocurrency coins and exchanges, providing a clear view of all transactions by exchanges, years and type of transaction. In addition, the tool automatically calculates a user’s capital gains and losses, simplifying the process of calculating tax returns and generating a draft Form 8949 on sales and dispositions of capital assets for individuals to review and file.
Michael Meisler, EY Americas Cryptocurrency Tax Center of Excellence Leader, says:
“The Tax Calculator addresses evolving needs as the crypto landscape continues to build momentum, making the effective management of crypto taxes essential. Individuals can use the Tax Calculator to streamline and automate their crypto tax processes in one centralized location.”
Paul Brody, EY Global Blockchain Leader, says:
“Looking ahead in 2021, EY teams will continue to explore expanding the Tax Calculator beyond the US – providing individuals with a centralized management technology to simplify the challenges associated with crypto tax. Developing an expanding set of tax capabilities to support both individuals and enterprises is a key component of the EY strategy to assist clients with business transactions, including cryptocurrency activities on enterprise blockchains.”
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