White House Reviews Proposed IRS Rule to Tax Americans' Foreign Crypto Accounts

The White House is currently reviewing rules proposed by the Treasury that would enable the IRS to access information on Americans' foreign cryptocurrency accounts as part of an effort to curb tax evasion. This initiative is part of the United States' potential cooperation with the Crypto-Asset Reporting Framework (CARF), a global agreement aimed at automatic information sharing regarding citizens' crypto holdings. CARF has already been adopted by multiple countries, including G7 members and notable tax havens, enhancing international efforts against tax avoidance. Proponents within the Trump administration assert that joining CARF would discourage U.S. taxpayers from transferring crypto assets overseas. This move aligns with earlier recommendations made by Trump's advisors to join the framework and improve crypto asset reporting and compliance within the U.S. tax system.

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