Analysis

Play It Safe In Reporting Bitcoin On FBAR, Specialists Say

Law360 (February 14, 2018, 7:50 PM EST) -- Taxpayers who have offshore virtual currency accounts should report them on a Foreign Bank and Financial Accounts form despite a lack of clear guidance from the Internal Revenue Service, tax specialists said, noting that staying silent could prompt allegations of willful nondisclosure.

Cryptocurrencies, including popular digital tokens like bitcoin and ethereum, are widely traded and their transaction recording technology, called blockchain, has drawn interest from banks and other established financial firms. However, the industry is still a virtual Wild West in some ways — to the point where the IRS has not yet issued guidance covering all facets of the technology's...

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