The CARFtools webstore is now officially open!
CARFtools provides an array of products to ensure you understand your obligations and how to implement your compliance policies with surety. For newcomers to CARF and related tax disclosure regimes, CARFtools offers expert guidance, such as our comprehensive series of training videos. For those with some CARF awareness who are looking to assess their own CARF status and duties, CARFtools delivers a set of detailed question-and-answer workflows and plain-language explanatory materials. These products can assist any programme in getting up to speed with their CARF obligations.
CARFtools’ operationalized products, moreover, are uniquely valuable for those parties looking for implementation support. Our suite of resources enables affected parties to manage their own compliance programmes from top-to-bottom and start-to-finish. Beyond the training materials, workflows, and assessment tools, CARFtools offers the following products, which will be necessary and/or mandatory for many CARF compliance programs–
- For the customers you need to on-board… CARF-compliant self-certification forms – required for documenting your customers, along with procedural guidance and checklists (also comes with the underlying code, so you can integrate CARF self-certs into your existing electronic onboarding process);
- For the regulators/auditors who demand to see the blueprint for your compliance programme… Written CARF policies and procedures – both universal ones for the general OECD and EU standards and specific ones tailored to the rules of individual CARF jurisdictions;
- So that the reporting deadline is not a constant misery…. A CARF reporting repository – to capture reportable information and ensure that tricky CARF reporting rules are obeyed; and
- For the variety of compliance options and collateral duties presented by the CARF rules in diverse jurisdictions… Assorted template agreements and notification letters.
After many years of haphazard and uncoordinated efforts to tax and regulate crypto currencies and other digital assets, the major players – the IRS, the EU and the OECD – are engaging with the new financial ecosystem of digital assets. To that end, each key party launched or further established a tax reporting and disclosure regime for digital assets in 2023. The US Treasury published its draft broker reporting regulations, as amended to cover digital assets. The EU members states committed to implementation of DAC8, a cross-border disclosure regime for digital assets. The OECD finalized the Crypto Asset Reporting Framework (or CARF) to serve as the template for a global automatic exchange of information regime for digital assets or – as it is referred to colloquially – CRS for crypto.
Intertax Article CARF’s Impact on the Crypto Marketplace: An Equal and Opposite Reaction?
|
|
|
Old Tricks for New Dogs
In October 2023, Peter Cotorceanu and I launched a series of articles called Old Tricks for New Dogs in Tax Notes International, the leading periodical/website for international tax news, commentary and analysis. The series situated CARF within the existing financial disclosure landscape, where the "New Dogs" of crypto must now study the "Old Tricks" of CRS and FATCA. Our first article, published on 16 October 2023, examined the challenges faced and solutions adopted by the OECD in tailoring CRS’s rules for conventional financial operations to the digital asset ecosystem. The second article, published on 15 April 2024, introduced CARF’s “new dogs”, specifically exploring the definitional scope and corresponding compliance role of Reporting Crypto Asset Service Providers (RCASPs) under CARF. The third article, published on 30 September 2024, brought out the “old tricks”, specifically exploring the due diligence duties RCASPs. The fourth article, published on 4 November 2024, concluded on “old tricks”, with a review of the reporting, the ultimate aim of the regime. The fifth article, published on 9 December 2024, focused on enforcement and compliance.
Tax Notes International Article: Old Tricks for New Dogs, Part V: Enforcement and complianceTax Notes International Article: Old Tricks for New Dogs, Part IV: ReportingTax Notes International Article: Old Tricks for New Dogs, Part IITax Notes International Article Part I: Old Tricks for New Dogs: The OECD’s Cryptoasset Reporting Framework |
Tax Notes International Article: Old Tricks for New Dogs, Part III |
Get in Touch
Please complete the information fields and we will reply to your inquiry promptly
Receive updates and analyses on US tax & legal developments direct to your inbox. |