Multinational accounting firm Ernst & Young LLP has announced the launch of EY CryptoPrep, a cryptocurrency application that assists with US tax filings.
According to an official press release, the 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.
EY Americas Vice Chair of Tax Services Marna Ricker says the firm's clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes.
"The EY Foundry, our internal corporate venturing unit, created EY CryptoPrep to modernize the crypto tax accounting process," Ricker added.
iHodl previously reported that the South Korean government will unveil details of its crypto-related taxation guidelines next month.
According to the South Korean Finance Minister Hong Nam-ki, the government has continued to realign its tax system to reflect changes in market conditions.
Meanwhile, the US Internal Revenue Service (IRS), has asked for the help of contractors to calculate the taxes crypto users must pay.
The IRS is looking for the services of a third party to help it determine the taxpayers' profits or losses after analyzing on-chain, off-chain, APIs and tax submission data.