FBAR Reporting for Cryptocurrency

FBAR Reporting

As late as 2019, reporting Bitcoin and other cryptocurrencies was not required in FBAR's but things have changed. The IRS has added virtual currency to the list of reportable accounts under the FBAR regulations so you will be expected to file if your income meets the criteria. While the new rules still have some gray areas to iron out, one thing is certain: the IRS is ready to crack down on taxpayers who are earning income from digital currencies. Ignoring the latest IRS requirements or getting your calculations wrong will cost you, so make sure you're ready to comply. Get help navigating this uncharted territory by working with the experienced crypto tax accountants at W. E. Stevens, P.C.. We'll make it easy for you to comply with the new rules so you don't have to worry about tax penalties.

Calculating Cryptocurrencies for FBAR

As with other types of accounts, if any of these accounts exceed $10,000 at any point during the calendar year, you need to file an FBAR. Before the IRS comes after you for high penalties and interest, turn to us for the support you need and we'll make sure FBAR, and all of your cryptocurrency tax filings, are accurate and up to date. Whether you're managing many foreign accounts or just one, we know how to organize your transactions to calculate the maximum balance held in your financial accounts during the last tax year, even if you have traded on multiple exchanges. We'll also advise you on how minimize tax liabilities so you keep more of your investments moving forward.

If you have questions about the tax responsibilities associated with your foreign accounts or if you are already late in filing this year’s FBARs, request a free consultation online or call us now at (402) 932-8815.

FBAR tax filings for digital currencies:

  • FBAR Reporting for Cryptocurrency
  • FBAR tax filings for cryptocurrency
  • Cryptocurrency tax advisory
  • Crypto tax planning for multinational businesses