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PayPal Accounts and FBAR Reporting

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...

Virtual Currencies and FBAR Reporting

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,...

Haven’t filed your Foreign Bank Account Reports (FBAR)? KPMG lays out the reasons why now is a good time.

27 Jun 2018 | FBAR, Foreign Bank Account Report

Foreign Bank Account Reports (FBAR’s) are currently policed by the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). If you haven’t filed your Foreign Bank Account Reports yet, it probably makes sense to submit these sooner...
Updated Foreign Bank Account Report (FBAR) Form and Instructions Available (Revised November 2011)

Updated Foreign Bank Account Report (FBAR) Form and Instructions Available (Revised November 2011)

24 Nov 2011 | FBAR

If you haven’t yet submitted your 2010 (or earlier) Foreign Bank Account Report (FBAR), make sure you use the latest version of Form TD F 90-22.1. The form should mention “Rev. November 2011” in the upper-left-hand corner. The latest form can be...
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