EY streamlines tax reporting with TaxBit

EY building

EY has formed an alliance with TaxBit, an industry-leading tax and accounting technology provider for cryptocurrency and other digital assets, to help organizations meet tax reporting requirements for digital assets.

The EY-TaxBit alliance will streamline the aggregation and calculation of decentralized data to support clients’ tax reporting needs and provides organizations with a suite of solutions, along with services from EY US tailored to the digital asset ecosystem.

This alliance is part of the EY Digital Asset Tax Suite. It enables the Digital Asset Customer Tax Operations solution, which combines TaxBit’s tax reporting software with EY tools such as the electronic Tax Form Validator, Customer Tax Data Master, and Withholding & Reporting Calculator.

The suite includes the following solutions and services: the EY Digital Asset Customer Tax Operations offering, EY Tax Analyzer for Digital Assets, EY Crypto and Payment Reporting service, all to support and simplify tax and basis reporting.

Mike Johnson, EY–TaxBit alliance leader, Ernst & Young LLP, said: “The digital asset industry is a complex space that needs a comprehensive suite of services to adapt to the evolving regulatory requirements. Through our alliance with TaxBit, we are more ready to support clients with their digital asset tax reporting needs.”

Lindsey Argalas, COO, TaxBit, said: “At TaxBit, we are focused on providing enterprises a single system of record to manage digital assets tax and accounting. Our alliance with EY US bolsters our solutions by integrating world-class expertise, services and support. We look forward to working alongside the EY US team to enable compliant digital asset adoption for the global economy.”