Ernst & Young auditing and professional services firm, one of the “Big Four”, has introduced a new tool for accounting and preparing taxes on cryptocurrency holdings, following a press release on Mar 4.

The tool known as EY Crypto-Asset Accounting and Tax (CAAT) is designed to improve the digital currency transactions of accounting and tax calculations. The EY CAAT not only accepts organized customers that have cryptocurrency on their balance sheets but also individuals who trade crypto assets on a smaller scale. The service is accessible for people who use EY Private Client Services clients and EY TaxChat.

The EY CAAT will get information from major exchanges about cryptocurrency transactions, combine data from a range of sources, then automatically make reports. Reports include the tax returns called cryptocurrency-related Internal Revenue Service (IRS).

According to The Crypto Sight last month, KPMG is also one of accounting’s Big Four, collaborate with Guardtime to provide blockchain-enabled business solutions to clients. They aim to complex business issues in the areas of supply chain, data rights manager, finance, cloud audit, migration governance, and security.

Meanwhile, Ohio, the first US state to accept corporate taxes through cryptocurrency, allows businesses to pay 23 different taxes using BTC. So far, two companies have paid their taxes via Bitcoin.