Ernst & Young (EY), a member of the Big four auditors, acquired technological assets and related patents from an American startup, Elevated Consciousness. Among them is a tool called Andy Crypto-Asset Accounting and Tax (CAAT), which can be connected to numerous exchanges and wallets and used to monitor cryptocurrency transactions. This writes BlockTribune.
EY representatives say that the presence of this tool brings the company to the leaders in the audit market, allowing it to serve various organizations that implement cryptocurrency assets in their processes.
"This transaction has become another element in creating a portfolio of blockchain and cryptocurrency solutions for our business areas. Tax strategy, planning and implementation will be a key part of everything we create – from supply chain management to software licensing solutions," said Paul Brody, head of global innovation and blockchain at EY.
According to him, CAAT will be integrated into a portfolio of solutions called Blockchain Analyzer in order to create the most extensive set of technological services in the field of tax reporting and insurance.
Earlier this year, the us Federal tax service (IRS) announced the creation of a specialized group of ten investigators to identify cases of tax evasion from income related to cryptocurrency operations.
We need a streamlined user friendly version of something like this. I used a tracking software last year to help me with my taxes and paid a lot of money for it. The software was hard to use, costumer support was very slow. Some of the exchanges wouldn’t work with it.
In the end I ended up figuring out my capital gains on my own without the service.