IRS Steps Closer To Automatic Reporting Under OECD CARF
Foreign crypto assets may soon be very visible to the IRS. The OECD’s CARF is coming for U.S. taxpayers. Currently, IRS has almost no automatic visibility into foreign crypto accounts. CARF will close the various blind spots.
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The United States along with over 70 other countries has adhered to the Joint Statement on the OECD’s Crypto-Asset Reporting Framework, “CARF”. CARF is the digital-asset counterpart to the Common Reporting Standard “CRS” that has exchanged bank and securities account data among signatory countries (now well over 100 countries). The United States has formally indicated its intent to work towards implementing CARF into its domestic law by 2029.
United States Moving Into CARF – What It Means
Moving this…
