US Treasury, IRS to Crack Down on Tax Avoidance Schemes Including Prearranged ETF Conversions
Summary
- The US Treasury Department and the Internal Revenue Service said they will crack down on tax avoidance schemes including prearranged exchange-traded fund (ETF) conversions.
- The authorities said they plan to closely examine tax avoidance structures they believe violate current tax law.
- US authorities said ETF conversion arrangements and similar structures set up in advance to reduce tax burdens could violate existing law.
Forecast Trend Report by Period
The US Treasury Department and the Internal Revenue Service are moving to crack down on tax avoidance schemes, including prearranged exchange-traded fund conversions.
Cointelegraph, a media outlet focused on digital assets and cryptocurrencies, reported on September 28 that the authorities plan to closely examine tax avoidance structures they believe violate current tax law.
The crackdown includes ETF conversion arrangements in which trading structures are set in advance to reduce tax liabilities.
US authorities view such transactions as potentially violating existing law.
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