IRS cuts Bitcoin some slack, continues probe
Some respite from the IRS following its controversial guidance on digital currencies: for this tax season, at least, holdings need not be declared on US FBAR forms. FBAR, also known as FinCEN Form 114 (Report of Foreign Bank and Financial Accounts), are mandatory correspondence for those who hold more than US$10,000 in foreign bank accounts, which must be declared for tax purposes. While the IRS has recently moved to attempt an initial form of control over cryptocurrency earnings, it would seem that it is holding off on a full onslaught. The news was broken to in a webinar on Wednesday....
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