EY announces alliance with TaxBit to support tax reporting requirements for digital assets

This alliance is part of the EY Digital Asset Tax Suite and 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 (eTFV), Customer Tax Data Master (CTDM) and Withholding & Reporting Calculator. Adapting to the evolving digital asset taxation requirementsThe EY Digital Asset Tax Suite builds upon existing EY solutions, including the Blockchain Analyzer Tax (BAT) Calculator, and applies to the market participants including global cryptocurrency exchanges, emerging decentralized finance (DeFi), gaming platforms and first-timers. The EY Digital Asset Tax Suite attempts to bridge the current gap and assist those engaging the digital asset market in meeting their tax reporting obligations.”The suite is composed of the following solutions and services:The EY Digital Asset Customer Tax Operations offering, supported by TaxBit, focuses on detailed information reporting, electronic tax validation, withholding, cost basis reporting and tax reporting. The EY Tax Analyzer for Digital Assets (TA-DA) serves as an interactive solution that simplifies tax reporting for digital asset-related transactions by directly pulling exchange and on-chain wallet data, such as trading, DeFi, gaming and NFTs. Through our alliance with TaxBit, we are more ready to support clients with their digital asset tax reporting needs.”Lindsey Argalas, COO, TaxBit, says:“At TaxBit, we are focused on providing enterprises a single system of record to manage digital assets tax and accounting.