FBAR Reporting for Cryptocurrency
The IRS has added virtual currency to the list of reportable accounts under the FBAR regulations so you will be expected to file if your income meets the criteria. While the new rules still have some gray areas to iron out, one thing is certain: the IRS is ready to crack down on taxpayers who are earning income from digital currencies. Ignoring the latest IRS requirements or getting your calculations wrong will cost you. Get help navigating this uncharted territory by working with the experienced crypto tax accountants at Delerme CPA. We'll make it easy for you to comply with the new rules so you don't have to worry about tax penalties.
Calculating Cryptocurrencies for FBAR
As with other types of foreign accounts, if your crypto earnings exceed $10,000 at any point during the calendar year, you need to file an FBAR. Before the IRS comes after you for high penalties and interest, turn to us and we'll make sure FBAR, and all of your cryptocurrency tax filings, are accurate and up to date. Whether you're managing many foreign accounts or just one, we know how to organize your transactions to calculate the maximum balance held during the last tax year, even if you have traded on multiple exchanges. We'll also advise you on how to minimize tax liabilities so you keep more of your investments moving forward.
If you have questions about the tax responsibilities associated with your foreign accounts or if you are already late in filing FBARs, request a free consultation online or call us now at 404-445-8095.