Tag Archives: FBAR

Just File the FBAR

One week from today is the tax filing deadline. It’s also the effective deadline for filing the Report of Foreign Bank and Financial Accounts, FINCEN Form 114; that’s the form that’s better known as the FBAR. The FBAR is part … Continue reading

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Bozo Tax Tip #2: They Shoot Jaywalkers, Don’t They?

I have, unfortunately, become quite competent in the Report of Foreign Bank and Financial Accounts. That form is better known as the FBAR. It used to have the form number TD F 90-22.1 (yes, it really did) but now goes … Continue reading

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Online Gambling and Offshore Cryptocurrency Exchange Mailing Addresses for 2020

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading

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Should You Be Reporting Cryptocurrency Held in a Foreign Exchange on the FBAR and Form 8938?

It’s been assumed that the answer to the question I posed as the title to this post is “Yes”, that you should be reporting cryptocurrency held in foreign cryptocurrency exchanges on the FBAR. However, the AICPA Virtual Currency Task Force … Continue reading

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The FBAR Is *Not* Due Tomorrow

Most tax-related deadlines are on the 15th of various months. Income tax returns for individuals are due on April 15th; the extended deadline is October 15th. But just to have fun with us there are some exceptions. One of these … Continue reading

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Online Gambling and Offshore Cryptocurrency Exchange Addresses for 2018

This list has been superseded by the 2019 list. With the United States v. Hom decision, we must again file an FBAR for foreign online gambling sites. An FBAR (Form 114) is required if your aggregate balance exceeds $10,000 at … Continue reading

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FBAR Snags Manafort

Paul Manafort, Jr. and Richard Gates III were indicted on Friday. The 12-count indictment alleges “[C]onspiracy against the United States, conspiracy to launder money, unregistered agent of a foreign principal, false and misleading FARA statements, false statements, and seven counts … Continue reading

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Harvey and Irma Relief Includes the FBAR

Taxpayers with $10,000 aggregate in one or more foreign financial accounts must file an FBAR (Report of Foreign Bank and Financial Accounts, Form 114) with the Financial Crimes Enforcement Network (FINCEN). FINCEN has announced on their website that they are … Continue reading

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The Hidden Bitcoin Trap: FBAR

A lot of my clients have invested in Bitcoins. For those who aren’t aware Bitcoins are a “cryptocurrency.” For tax purposes, Bitcoins are treated like stocks and bonds; realized gains (and losses) are reported on Schedule D. And that’s everything … Continue reading

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FINCEN Announces Due Dates for 2016 FBARs

The Financial Crimes Enforcement Network (FINCEN) announced the due dates for 2016 Report of Foreign Bank and Financial Accounts (FBAR, Form 114). The FBAR will now be due on the same day as tax returns with an automatic extension for … Continue reading

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