JD Supra

FinCEN Announces Plan to Require U.S. Persons to Report Foreign-Held Virtual Currency on Foreign Bank Account Reporting Forms

Individuals who own virtual currency should consult with a tax professional to determine if their virtual currency is subject to a reporting requirement. On December 31, 2020, the Financial Crimes ...
Forbes

Understand FinCEN FBAR: Report Foreign Financial Accounts October 15

The Report of Foreign Bank and Financial Accounts (FinCEN Form 114) commonly called the FBAR is a crucial reporting requirement for U.S. persons with foreign financial accounts. With the deadline for ...
JD Supra

The Next Step: FinCEN Proposes to Require Reporting of Cryptocurrency Positions Held in Foreign Accounts

FinCEN recently took another important step toward bringing virtual currency into the financial assets reporting scheme. Taxpayers that have $10,000 or more in a foreign bank account have long been ...
Fox Business

Must I Fill Out 2 Forms to Report Foreign Assets?

I file Form 8938, Foreign Financial Assets, with my 1040 to the IRS. My tax attorney says I also must file FBAR (foreign bank account) Form 114, at a different U.S. Treasury, non-IRS address, with a ...