Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Federal Reserve Balance Sheet Reduction: Brookings Research Outlines Possible Path Forward 
Trump Tariffs Show Minimal Economic Impact but Boost Federal Revenue, Study Finds 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
US-Iran Ceasefire Talks Underway: What You Need to Know 
Goldman Sachs Raises Oil Price Forecasts Amid Strait of Hormuz Disruptions 
Is dark chocolate healthier than milk chocolate? 2 dietitians explain 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
The blend of Fintech and Auditing firms have always been in constant collaboration and one of the swiftly growing sectors.
One of the big four auditing firms, Ernst & Young (EY) has unveiled a tool for accounting and preparing taxes on cryptocurrency holdings.
EY recently acquired technology assets and related patents of the Crypto-Asset Accounting and Tax (CAAT), the technology developed by Elevated Consciousness. CAAT would enable its members' firms of the accounting giant as well as their clients to better assess the risk associated with the reporting of taxable income for crypto assets, as per the tax blockchain leader at EY, Michael Meisler.
Chirag Patel, the leader of the Foundry, had said: “For the Foundry, this marks an important milestone in our exciting journey to launch new digital businesses that drive transformation and growth for EY member firms and create new unique value for EY clients.
The CAAT tool originally came from a team of entrepreneurs led by CEO VJ Anma.”
The mechanism in brief: The CAAT to fetch information about crypto-transactions from predominant exchanges, consolidate data from various sources, which in turn generate reports, such as, Internal Revenue Service (IRS) tax returns exclusively pertaining to crypto-transactions. EY reckons a significant growth in the number of clients owning crypto assets.
The revenues derived out of crypto-transactions are to be categorized under capitals gains and income and that would be reported into Form 1040 Schedule D of the US taxation.
Furthermore, EY also wanted to extend their services in audit in the segment by announcing “Blockchain Analyzer” back in April 2018. They intended to assist enterprises in examining blockchain solutions. Particularly, with a view to collate, conserve and consolidate data from numerous distributed ledgers.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -65 levels (which is bearish), hourly USD spot index was at 65 (bullish), EUR is at 59 (bullish) while articulating at (12:31 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
