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New IRS Rule Targets Cash Transfers Abroad With 1% Tax
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New IRS Rule Targets Cash Transfers Abroad With 1% Tax
WASHINGTON, D.C. — Americans who send money overseas using cash or similar payment methods will face a new 1% federal tax beginning in 2026 under proposed rules released Friday by the Department of the Treasury and the Internal Revenue Service. What This Means for You Cash-based international money transfers will cost more starting January 1, 2026 The sender—not the recipient—will be responsible for paying the tax Money transfer providers must …
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