Back

White House Considers Expanding IRS Access to Offshore Crypto Data

The IRS seeks to align with international standards on digital asset reporting, potentially enhancing oversight of overseas cryptocurrency holdings and transactions.

Summary

The White House is reviewing an IRS proposal to adopt an international standard for reporting and taxation of digital assets. The plan would enable the U.S. tax authority to collect standardized data on overseas cryptocurrency holdings and transactions, strengthening enforcement of tax laws and closing gaps in oversight.

Terms & Concepts
  • IRS (Internal Revenue Service): The U.S. government agency responsible for collecting taxes and enforcing tax laws.
  • Digital Assets: Electronic representations of value, including cryptocurrencies, which can be transferred, stored, and traded digitally.
  • International Reporting Standard: A globally recognized framework for collecting and sharing financial or asset data across jurisdictions to ensure compliance with laws and regulations.