The post White House to Review IRS Proposal to Tax Foreign Crypto Accounts appeared on BitcoinEthereumNews.com. The White House is reviewing the Internal Revenue Service’s proposal to join the global Crypto-Asset Reporting Framework, which would provide the tax department with access to Americans’ foreign crypto account data. Adoption of the “Broker Digital Transaction Reporting” proposal — submitted to the White House last Friday — would put the US crypto tax system in line with 72 other countries that have committed to implementing CARF by 2028. While the proposal wasn’t categorized as “economically significant” by the IRS, the rule would force Americans to be far more stringent in reporting capital gains tax from foreign crypto platforms. Details of the Broker Digital Transaction Reporting proposal submitted to the White House. Source: US Government In late July, the White House’s crypto policy recommendations report stated that implementing CARF would discourage American taxpayers from moving their digital assets to offshore exchanges and thus not put US crypto platforms at a disadvantage. More than one-third of the world has signed up to CARF CARF is set to be rolled out in 2027, with 50 countries to join, including Brazil, Indonesia, Italy, Spain, Mexico and the UK. Another 23 countries — including the US — have seemingly committed to implementing CARF by 2028. CARF was established by the Organization for Economic Cooperation and Development in late 2022 to enable member nations to share cryptocurrency data for the purpose of combating international tax evasion. Crypto has presented a challenge for tax authorities, as users can transfer assets across borders instantly, hold funds in self-custody wallets outside the traditional banking system, and transact pseudonymously.  US to roll out tougher local crypto tax rules in 2026 The US is set to roll out 1099-DA forms in January 2026, which will require US-based crypto exchanges to report more detailed transaction data, including both inward and outward… The post White House to Review IRS Proposal to Tax Foreign Crypto Accounts appeared on BitcoinEthereumNews.com. The White House is reviewing the Internal Revenue Service’s proposal to join the global Crypto-Asset Reporting Framework, which would provide the tax department with access to Americans’ foreign crypto account data. Adoption of the “Broker Digital Transaction Reporting” proposal — submitted to the White House last Friday — would put the US crypto tax system in line with 72 other countries that have committed to implementing CARF by 2028. While the proposal wasn’t categorized as “economically significant” by the IRS, the rule would force Americans to be far more stringent in reporting capital gains tax from foreign crypto platforms. Details of the Broker Digital Transaction Reporting proposal submitted to the White House. Source: US Government In late July, the White House’s crypto policy recommendations report stated that implementing CARF would discourage American taxpayers from moving their digital assets to offshore exchanges and thus not put US crypto platforms at a disadvantage. More than one-third of the world has signed up to CARF CARF is set to be rolled out in 2027, with 50 countries to join, including Brazil, Indonesia, Italy, Spain, Mexico and the UK. Another 23 countries — including the US — have seemingly committed to implementing CARF by 2028. CARF was established by the Organization for Economic Cooperation and Development in late 2022 to enable member nations to share cryptocurrency data for the purpose of combating international tax evasion. Crypto has presented a challenge for tax authorities, as users can transfer assets across borders instantly, hold funds in self-custody wallets outside the traditional banking system, and transact pseudonymously.  US to roll out tougher local crypto tax rules in 2026 The US is set to roll out 1099-DA forms in January 2026, which will require US-based crypto exchanges to report more detailed transaction data, including both inward and outward…