IRS Has Power to Implement OECD Crypto Framework, Official Says

The IRS has authority to require most of the information in the global digital asset tax reporting framework, a Treasury official said Monday, as the government looks to implement the new framework.

The 2021 infrastructure law and prior law give the IRS authority to require most of the information under the OECD’s Crypto-Asset Reporting Framework, Erika Nijenhuis, a senior counsel at the Treasury Department’s Office of Tax Policy, said at a Practising Law Institute conference.

The OECD released CARF last October as a new international standard for reporting crypto. The framework drew criticism related to privacy concerns, especially about wallet ...