Bitcoin Grows Up But That Means FBAR Filings

Utah Software Engineer Mints Physical Bitcoins06 Dec 2013 / Forbes – Remember when you got out of school and started having to abide by all sorts of rules? Bitcoin and its aficionados probably feel that way, starting to feel the pinch of responsibilities. That’s growing up.

Bitcoin seems newly minted from a desirable school with incredible promise. The appreciation is heady, but rules are rules. Bank of America thinks Bitcoin has arrived, starting analyst coverage. And as China Restricts Banks’ Use of Bitcoin, the heady news of big values is tempered.

Do I know Bitcoin draws FBAR filing obligations? No, but it’s not a stretch to imagine it in some cases. After all, FinCEN is on to Bitcoin, requiring some to register as Money Service Businesses. FinCEN, the Financial Crimes Enforcement Network, is part of the Treasury Department. Its mission is to safeguard the financial system, combat money laundering and promote national security.

U.S. taxpayers are more worried about their own filings. First, you must report your worldwide income on your tax return. Plus, if you have foreign accounts aggregating more than $10,000 at any time during the year, you must file Treasury Form TDF 90-22.1, also known as an FBAR. They go to FinCEN, not to the IRS…… Read more

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