IRS: 'Cryptocurrency accounts to be included in FBAR reports'

The last few weeks have seen the price of Bitcoin soar, accompanied by a roar of commentary from those who see it, and other cryptocurrencies, as the future.  

This latest round of Bitcoin mania was kicked off earlier this month, when (Bitcoin fan) Elon Musk's car company, Tesla, announced in an SEC filing that it had bought US$1.5bn worth of the cryptocurrency, and that it would also begin accepting Bitcoin in payment for its products... 

  • Tax

'Making FBAR matters simple: For U.S. expats and/or their FBAR-preparers'

Virginia La Torre Jeker, a Dubai-based U.S. expat tax law practitioner and well-known blogger on American tax issues, will hold a one-and-a-half-hour-plus, live online training session for FBAR preparers and/or their clients on March 16, accompanied by Jimmy Sexton, another international tax expert who is also based in Dubai. 

  • News

Are the FBAR regs fit for purpose – FinCEN wants to know by next Friday

FinCEN, the U.S. Treasury Department bureau that's responsible for overseeing the receipt of Foreign Bank Account Reports, is inviting comments "on the proposed renewal, without change, of existing information collection requirements concerning reports of foreign financial accounts and... Report[s] of Foreign Bank and Financial Accounts (FBAR)".

  • Tax

FinCEN changes FBAR deadline again (updated) – it's now Oct. 31

The U.S. Financial Crimes Enforcement Network has quietly removed from its website its surprise announcement, posted Oct. 14, that the final deadline for  Foreign Bank Account Report (FBAR) filings had been moved to Dec. 31, from Oct. 15.

Instead, it has clarified that the extended Dec. 31 FBAR filing deadline applied only to "victims of recent natural disasters", such as "victims of the California wildfires, the Iowa Derecho, Hurricane Laura, the Oregon wildfires, and Hurricane Sally".

But it has nevertheless now moved the deadline for everyone else back to Oct. 31 – in other words, extended it by two weeks.

  • News

What visitors to the U.S. should know about the secretive Mr. FBAR

The introduction of the Foreign Bank Account Report (FBAR) requirement in 1970, as a result of the Bank Secrecy Act of that year, may well be one of the most enduring legacies of the Nixon administration, says John Richardson, a Toronto-based lawyer who helps Americans with citizenship issues. Here, he reveals a little-known aspect of what the fine print of the FBAR legislation actually says, with respect to non-Americans who travel to the U.S., and who happen to have bank accounts back home...

FBAR deadline pushed back to Dec. 31; What the FBAR is, and why it matters

Editor's note: The news about the date when FBARs for the year ending on Dec. 31, 2019 are due has changed.
Please see our most recent report on this subject.

As U.S. tax experts will tell you, today, Oct. 15, is the extended deadline for all U.S. expats to have their 1040 tax returns filed; and, until yesterday, it was also "FBAR Day." Which is to say, the day when FBARs for the year ending Dec. 31, 2019 were also due. 

As of yesterday, though, FBAR Day has been pushed back to Dec. 31, 2020, according to a notice posted on the website of the Financial Crimes Enforcement Network, which oversees FBARs, (even though the IRS handles tax returns).... 

  • News

Record penalties sought in California in latest major FBAR case

The U.S. Internal Revenue Service is seeking what is said to be a record US$119.6m in penalties over what it has claimed in California district court documents were violations of the FBAR regulations, which require Americans to disclose their overseas financial accounts above a certain amount each year.

  • Tax
Subscribe to this RSS feed

Opinion

OPINION: The SEAT approach to residence-based taxation: 'Begin with the end in mind'

OPINION: The SEAT approach to residence-based taxation: 'Begin with the end in mind'

Convincing Congress and the Biden Administration of the need for the U.S. to move to a "residence-based" system of taxation is the No. 1 focus of American expatriate advocacy groups...

Jul-22-2021