White House Assesses IRS Proposal for Cryptocurrency Taxation
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
IRS Proposal Review: The White House is evaluating an IRS proposal to tax outbound cryptocurrency holdings of US citizens, aiming to enhance reporting requirements and reduce offshore tax evasion.
Revenue Generation: The proposal could potentially generate $26 billion in revenue over the next decade by aligning US tax practices with international standards.
Impact on Taxpayers: Individuals and institutions holding cryptocurrencies abroad may face new disclosure rules, increasing their tax obligations and compliance costs.
Regulatory Compliance: The proposal reflects ongoing efforts to improve tax compliance in the digital asset space, potentially leading to new IRS forms and expanded reporting obligations for exchanges.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
