The Internal Revenue Service in Washington on March 10, 2025. Madalina Vasiliu/The Epoch Times
The Internal Revenue Service and the Department of the Treasury proposed regulations on Friday regarding the new excise tax, established under the One Big Beautiful Bill Act, on certain remittances made abroad.
“Beginning Jan. 1, 2026, a 1 percent remittance transfer tax applies to remittances sent from the United States to recipients in foreign countries when the sender provides cash, a money order, a cashier’s check, or other similar physical instrument to the remittance transfer provider,” the IRS said in an April 10 statement.
