Money
IRS Issues Proposed Rules for the OBBBA's 1% Remittance Transfer Tax — Cash, Money Orders, and Traveler's Checks Only; No Safe Harbor for Small Providers
A 42-page Notice of Proposed Rulemaking published for public inspection Friday spells out how the Internal Revenue Service plans to collect the 1% excise tax on remittance transfers that the One, Big, Beautiful Bill Act imposed effective January 1, 2026. The tax hits only transfers funded with cash, money orders, cashier's checks, or (newly added) traveler's checks — not bank-account withdrawals or US card payments.
