U. S. Senator Todd Young of Indiana is calling on the Internal Revenue Service a global tax standard designed to provide the IRS with access to data on foreign cryptocurrency accounts held by U. S. citizens. The measure would align the U. S. tax system with 72 countries by 2028, requiring stricter reporting on capital gains from foreign platforms. CARF, launched by the OECD in 2022, aims to facilitate international cryptocurrency information sharing to combat tax evasion. The rollout of CARF is expected to begin in 2027, with 50 countries already prepared to adopt it, including major nations like Japan, Germany, and the U. K.
https://crypto.news/senator-young-pushes-bessent-to-rethink-taxes-on-crypto-staking-rewards-report/
Senator Young pushes Bessent to rethink taxes on crypto staking rewards: report
