Perspective
Jul. 30, 2016
Virtually no guidance on virtual currency
Though digital currency, such as bitcoin, has been rising in popularity, there is very little guidance from the IRS regarding how to report foreign bitcoin accounts. By Kate (Yiran) Zhang
Though digital currency, such as bitcoin, has been rising in popularity, there is very little guidance from the Internal Revenue Service as to how to report foreign bitcoin accounts. To avoid IRS penalties, take note of the following reporting obligations for foreign bitcoin accounts:
FBAR
FBAR is short for Report of Foreign Bank and Financial Accounts. It is used to report your financial account that i...
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