19 Feb 2021 | FATCA, FBAR, Foreign Bank Account Report, Investing, US Tax
The IRS has clearly stated that PayPal accounts located outside of the US are considered a foreign bank account for the purposes of FBAR filing. If you have a US-based PayPal account this would normally not need to be reported. Fortunately, the reporting from PayPal...
19 Feb 2021 | Crypto Currency, FATCA, FBAR, Foreign Bank Account Report, Investing, US Tax
The IRS and FinCen have not given a lot of clarity on the “official” rules for reporting (or not) virtual currency holdings on your FBAR, but here are some general guidelines:1) If you store your virtual currency on a public exchange (e.g. Coinbase,...
