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,...
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...
