IRS: No Bitcoin Reporting Required for FinCEN Foreign Banking Tax Form
The US Internal Revenue Service (IRS) declared during a 4th June webinar that US taxpayers are not required to report bitcoin on Financial Crimes Enforcement Network (FinCEN) Form 114, a document also known as the Report of Foreign Bank and Financial Account (FBAR), for this year's tax season. According to Bloomberg Bureau of National Affairs (BNA), a senior IRS program analyst remarked that taxpayers face no reporting requirements when filling out their Form 114 for 2014. Taxpayers that hold more than $10,000 in a foreign bank are required to a file this form with FinCEN. The move is the....
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The Internal Revenue Service has said that taxpayers need not report bitcoin holdings on FinCEN Form 114 (Report of Foreign Bank and Financial Accounts - also known as FBAR) this tax season. The news comes from Rod Lunquist, who's a senior program analyst for the Small Business/Self-Employed Division at the Service, but added that the exception might end in the future as the authority monitors developments in the space. "At this time, FinCEN has said Bitcoin is not reportable on the FBAR, at least for this filing season," said Lundquist during a webinar, as first reported by Bloomberg BNA.....
What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations. The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations concerning the reporting of foreign financial accounts to include digital currency as a type of reportable account. In simple terms, this means FinCEN may soon require crypto users to file annual Reports of Foreign Bank and....
Good news for Bitcoin Hodlers! An Internal Revenue Service official (IRS) has stated that taxpayers are not required to report Bitcoin holdings on FinCEN Form 114(Report of Foreign Bank and Financial Accounts or FBAR). This is quite short notice, considering the deadline for FBAR filing is June 30th, so I imagine many people have filed already. Now before you all proclaim that “USA has given up! No taxes on Bitcoin!” or something along those lines, take this into consideration. Rod Lundquist, a senior program analyst for the Small Business/ Self-Employed Division, says that in the future,....
The Financial Crimes Enforcement Network (FinCEN) has announced that it will soon propose new regulation affecting cryptocurrency holdings at foreign exchanges. This proposal is separate from the one FinCEN recently proposed on cryptocurrency wallets. FinCEN’s New Crypto Rules FinCEN, a bureau of the U.S. Department of the Treasury, issued a notice on Thursday regarding a new filing requirement for cryptocurrencies. FinCEN detailed: Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of....
Major U.S crypto firms are united in opposition to new AML laws proposed by FinCEN, warning they could drive users away from regulated platforms and stifle innovation. Major U.S crypto firms are rallying against FinCEN’s proposed regulations that would force businesses operating with crypto to gather information on the identities of non-customer counterparties.A Jan. 4 letter from Jack Dorsey, CEO of financial services firm Square takes aim at the proposal for seeking to impose reporting obligations that go “far beyond what is required for cash transactions,” and that Sqaure would be....