Serving in more than 150 countries, Ernst & Young started to offer a special service to cryptocurrency investors in the USA. Crypto investors will be able to calculate their tax debt using EY products.
Cryptocurrency investors in the USA will pay taxes to the IRS on some transactions they make in 2020. According to the statement made by Ernst & Young, investors will be able to learn how much tax they need to pay by using a software called Tax Calculator.
Taxes will be calculated automatically
Investors using the Tax Calculator software will be able to directly transfer their transactions in crypto currency exchanges to this software. Here, you will be listed with which cryptocurrency when and in what way.
By entering the required information, investors will be able to see exactly how much tax they are owed to the IRS. The software will automatically calculate how much capital gain the investor has made from which transaction, how much loss, and create a tax form accordingly.
EY Global Blockchain manager Paul Brody announced that the software service could be offered to other countries from the USA over time.
Cryptocurrency investors in the USA calculate taxes on their trading transactions. CNBC announced that these tax liabilities could cover NFT users.