With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement ...

The Foreign Account Tax Compliance Act is fundamental as it affects how you report your finances, especially as an expat abroad. FATCA is why you may need to file a Report of Foreign Bank and ...

As part of the Foreign Account Tax Compliance Act (FATCA) passed by Congress in 2010, individual taxpayers are now required to report “specified foreign financial assets” on an information reporting ...

Cryptocurrency is a decentralized virtual currency. Unlike traditional currency, it exists independently of any government or financial institution. Additionally, it can be sent between users without ...

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...

As if the various filing requirements were not enough, the US Internal Revenue Service (IRS) has added one more form to collect information from its citizens and residents on their foreign financial ...

The Internal Revenue Service rarely penalizes taxpayers who have high balances in foreign bank accounts and fail to file the ...

If you have a foreign bank account or assets, you hopefully know how many IRS eyes are on you. See 5 Nations Join U.S. In Tax Evasion Crackdown. While it's perfectly legal to have money or assets ...

In the Final Regulations effective December 12, 2014, TD 9706, Reporting of Specified Foreign Financial Assets, the IRS addressed such issues as dual residents, valuation challenges, foreign currency, ...

As the 2014 tax filing season progresses we are finding that clients are confused as to what information must appear on FinCEN Form 114 Report of Foreign Bank and Financial Accounts and what ...