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US Treasury plans to include cryptocurrency into the laws regulating foreign account report

According to a recent proposal published by the United States Treasury, cryptocurrencies such as Bitcoin and Ethereum should be included in the Internal Revenue Service’s (IRS) rules for disclosing taxpayers’ offshore accounts.

According to a recently published document titled “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals,” Section 6038D of the Internal Revenue Code “requires any individual who holds an interest in one or more specified foreign financial assets with an aggregate value of at least $50,000…to attach a statement with the required information to the individual’s tax return.”

Foreign accounts holding funds in the form of cryptocurrency, on the other hand, have been exempt from the offshore reporting laws so far. As a result, the Treasury is now seeking to modify this regulation in order to bring digital assets into line with traditional funds.

If the idea is implemented, all American taxpayers who “possess an aggregate value of all three kinds of assets in excess of $50,000” would be required to declare their accounts to the IRS, which means that the value of digital assets will be included in the total.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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