Foreign Bank and Financial Accounts Archives

Feature Article

What Enrolled Agents Need to Know About Form 8300 and Digital Assets

Businesses who accept cryptocurrency (crypto) as payment and many tax practitioners who provide compliance services for those businesses were relieved to hear that the Internal Revenue Service (IRS) has delayed the require... Amber Gray-Fenner, EA, USTCP

Summer 2024, Feature Article, FinCEN, §6045(g)(3)(D), Social Security, decentralized finance, Form 8300, DeFi, §6050I, Notice 2024-4, Non-fungible token, Infrastructure Investments and Jobs Act, NFT, digital assets, cryptocurrency, beneficial ownership information, §183, crypto, BOI, Treasury Regulation 1.183-2, FBAR, U.S. Securities and Exchange Commission, Foreign Bank and Financial Accounts, SEC, Financial Crimes Enforcement Network

Feature Article

Preparing an Accurate FBAR: Ten Common Mistakes

The failure to file an accurate and complete Financial Crimes Enforcement Network (FinCEN) 114, (Report of Foreign Bank and Financial Accounts (FBAR)) can result in serious penalties and consequences for a taxpayer. Unfortunately, the FBAR is one of those deceptively simple forms that does not appear to be complex due to the limited number of entries required. However, those unfamiliar with the form are prone to mistakes, as detailed rules ex... Randall Brody, EA

Nov/Dec 2017, Feature Article, Financial Crimes Enforcement Network, FinCEN, Foreign Account Tax Compliance Act, tax, FATCA, preparation, penalties, accurate, FBAR, common, mistakes, Foreign Bank and Financial Accounts