Crypto’s FATCA: Can CARF Close Tax Loopholes If IRS Can’t Keep Up?

The taxman is racing to catch up with crypto’s explosive growth which had 741 million users worldwide just last year. Global crypto reporting has arrived, yet U.S. technology and enforcement capacity continue to lag. Recent reporting by the International Consortium of Investigative Journalists (ICIJ), gives sobering information about the decrease in the number of federal … Continue reading Crypto’s FATCA: Can CARF Close Tax Loopholes If IRS Can’t Keep Up? →

Offshore Crypto: IRS Steps Closer To Automatic Reporting Under OECD CARF

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 … Continue reading Offshore Crypto: IRS Steps Closer To Automatic Reporting Under OECD CARF →