US Treasury, IRS Target Tax Avoidance Schemes Including Prearranged ETF Conversions
JH Kim
Summary
- The U.S. Treasury Department and the Internal Revenue Service said they will crack down on tax avoidance schemes, including prearranged exchange-traded fund (ETF) conversions.
- The agencies said they plan to closely examine tax avoidance structures they believe violate current tax law.
- U.S. authorities said ETF conversion structures arranged in advance to reduce tax burdens could violate existing law.
Forecast Trend Report by Period
The U.S. Treasury Department and the Internal Revenue Service are moving to crack down on tax avoidance schemes, including prearranged exchange-traded fund conversions.
Cointelegraph reported on September 28 that the agencies plan to closely scrutinize tax avoidance structures they believe violate current tax law.
The targeted practices include ETF conversion structures in which trades are arranged in advance to reduce tax burdens.
U.S. authorities say such transactions could violate existing law.
JH Kim
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