Virtual currency is a digital representation of value that functions as a unit of account, a store of value, or a medium of exchange. Some virtual currencies have an equivalent value in real currency or act as a substitute for real currency. Generally, a U.S. person who has a financial interest in, or signature or other authority over, any foreign financial accounts, including bank, securities, or other types of financial accounts located in a foreign country, must file an FBAR with the FinCEN if the aggregate value of those foreign financial accounts exceeds $10,000 at any time during the calendar year. Currently, the FBAR regulations do not define a foreign account holding virtual currency as a type of reportable account . However, FinCEN intends to propose to amend the regulations regarding FBARs to include virtual currency as a type of reportable account under 31 CFR 1010.350. FinCEN Notice 2020-2 .
https://www.armcpa.com/wp-content/uploads/2015/05/IRS.png 236 383 Bill https://www.armcpa.com/wp-content/uploads/2018/02/logo.png Bill2021-02-12 08:21:252021-02-09 08:22:59Foreign Bank and Financial Accounts (FBAR) Filing Requirement for Virtual