{"id":59332,"date":"2022-03-29T11:09:17","date_gmt":"2022-03-29T08:09:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=59332"},"modified":"2025-09-04T21:18:53","modified_gmt":"2025-09-04T18:18:53","slug":"us-treasury-proposes-extending-foreign-account-reporting-to-crypto-assets-above-50000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-treasury-proposes-extending-foreign-account-reporting-to-crypto-assets-above-50000\/","title":{"rendered":"US Treasury proposes extending foreign-account reporting to crypto assets above $50,000"},"content":{"rendered":"<p>The US Treasury has <a href=\"https:\/\/home.treasury.gov\/system\/files\/131\/General-Explanations-FY2023.pdf\">proposed<\/a> extending to cryptocurrencies the requirement to report to the <span data-descr=\"Internal Revenue Service\" class=\"old_tooltip\">IRS<\/span> the existence of overseas accounts with assets above $50,000.<\/p>\n<p>Currently, such a rule does not apply to digital currencies.<\/p>\n<p>If approved, the new requirements would come into effect in 2023.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Compliance with tax laws and enforcement relating to digital assets represents a growing problem. [\u2026] Taxpayers may conduct transactions with offshore digital-asset exchanges and wallet providers without leaving the United States.&#8221;<\/em>, the document says.<\/p>\n<\/blockquote>\n<p>The proposals also include efforts to apply the Foreign Account Tax Compliance Act to American exchanges.<\/p>\n<p>Earlier, the White House <a href=\"https:\/\/u1f987.com\/en\/news\/white-house-forecasts-an-additional-11-billion-in-crypto-tax-revenues\">projected<\/a> additional revenue of $11 billion from cryptocurrency taxes through 2032.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\">YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Treasury has proposed extending to cryptocurrencies the requirement to report to the Internal Revenue Service the existence of overseas accounts with assets above $50,000.<\/p>\n","protected":false},"author":1,"featured_media":59333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,558,26],"class_list":["post-59332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-taxes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=59332"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59332\/revisions"}],"predecessor-version":[{"id":59334,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59332\/revisions\/59334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/59333"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=59332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=59332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=59332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}