Biden budget blueprint reproposes expanded US financial institution reporting, global digital asset reporting

President Biden’s recently released budget blueprint for fiscal year 2024 renews proposals from last year that would:

• Significantly expand US financial institution reporting obligations on non-US account holders with the goal of establishing a more robust reciprocal tax information exchange between the US and jurisdictions with which it maintains reciprocal income tax treaties or intergovernmental agreements under the Foreign Account Tax Compliance Act;
• Require digital asset exchanges—defined as brokers under the amended section 6045—to report substantial foreign owners of passive entities; and
• Require individuals and certain domestic entities to disclose digital assets maintained in a “foreign digital asset account,” defined as “any account that holds digital assets maintained by a foreign digital asset exchange or other foreign digital asset service provider.”

Find out more

A new alert from Deloitte Tax LLP’s Global Information Reporting group discusses the proposals.

For detailed coverage of tax provisions in the fiscal year 2024 budget package, their initial reception by congressional Republicans, and their prospects for enactment, see Tax News & Views, Vol. 24, No. 9, Mar. 10, 2023. Also see the Treasury Department’s “Green Book“ for explanations of the revenue provisions in the budget proposal.

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