EY Launches Crypto-Asset Accounting And Tax (CAAT) Tool For Automated Tax Calculating
Ernst & Young LLP Launches Tech Solution For Tax Calculations In Cryptocurrency
Ernst & Young LLP has been working on the creation of a tech solution which will be used for cryptocurrency services, focusing on EY’s efforts in blockchain-based solutions. Now, the tool, which has been dubbed the EY Crypto-Asset Accounting and Tax (CAAT) tool, has officially launched, according to an official press release from PR Newswire.
Marna Ricker, the EY Americas Vice Chair of Tax Services, commented that the new tool is part of their commitment to make sure that their clients have the best services possible. Ricker adds that the new technology will greatly help with the needs of clients that hold cryptocurrency.
The new software came together as a combination between a recent acquisition of technology assets and the related patents involving other EY processes. The corporate venturing unit for EY Tax, EY Foundry, led the acquisitions as part of their role in the development of the company’s digital business.
Institutional investors with cryptocurrency on their balance sheets stand to gain the most from the EY CAAT tool, though both institutional and individual clients with smaller trading performance will still benefit. Lately, the company has seen a much higher influx in the number of clients that involve crypto assets in their accounts.
Partner Michael Meisler of EY, who is also the EY Global Blockchain Tax leader, commented that the market has been highly supportive of the venture, but there is still plenty of room to grow.
“EY professionals and clients alike are eager to leverage this technology. EY CAAT is the hallmark of our efforts in crypto-assets and blockchain from a Tax perspective globally, and we will continue to work hard to make it the product of choice for EY clients.”
With the work being done to involve more institutional investors in the crypto space, it is clear that crypto assets are here to stay, and the clients that use them are in multiple industries right now. This product will ultimately be used with high net worth individuals as well, which involves the EY Private Client Services practice. It will also be available to the users of EY TaxChat, which allows users to be connected with EY professionals that can help with their tax returns involving cryptocurrency.
Chirag Patel, the leader of EY Foundry, said pointed out that this industry is evolving, and that their platform needs to focus on keeping ahead of the progress of the market. They also are prioritizing new digital solutions and digital businesses that will help with this success, which is part of what can make EY CAAT helpful. Art Claybon, Venture Lead for EY CAAT at the Foundry, added how proud he is of the team as well, and the excitement he has for new users that will integrate the software.
To learn more about EY, visit http://www.ey.com.