During a recent webinar, an IRS official stated that for purposes of the current (2013) filing season, taxpayers aren’t required to report virtual currencies on a Report of Foreign Bank and Financial Accounts (FBAR) with the U.S. Treasury. However, while this previously disputed matter appears to be settled at present, the official stated that this position may well be subject to change. Read more here.
IRS Indicates Taxpayers do not Need to Report Virtual Currencies (i.e., Bitcoin, etc.) on FBAR
By Jeff Belingheri|June 11th, 2014|Categories: Business Tax, Individual Tax|Tags: 2013, bitcoin, FBAR, FinCEN Form 114, foreign bank account, virtual currency|Comments Off on IRS Indicates Taxpayers do not Need to Report Virtual Currencies (i.e., Bitcoin, etc.) on FBAR
About the Author: Jeff Belingheri
Jeff is a Partner at Bregante + Company LLP, providing tax, accounting and consulting services to closely held businesses and high net worth individuals throughout the greater San Francisco Bay Area.