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FinCEN Announces Plan to Require U.S. Persons to Report Foreign-Held Virtual Currency on Foreign Bank Account Reporting Forms

Individuals who own virtual currency should consult with a tax professional to determine if their virtual currency is subject to a reporting requirement. On December 31, 2020, the Financial Crimes Enforcement Network...more

IRS Announces Plans to Contact 10,000 Virtual Currency Owners about Tax Compliance

Taxpayers who own virtual currency should be prepared to respond to IRS inquiries regarding their virtual currency holdings and, if necessary, substantiate their reporting of these investments on their federal tax returns....more

IRS Not Contemplating Separate Voluntary Disclosure Program to Assist Taxpayers Who’ve Not Reported Cryptocurrency Income

A separate voluntary disclosure program to assist a significant number of taxpayers who have failed to report income resulting from transactions involving virtual currency will likely not be available according to a recent...more

IRS Announces Virtual Currency Enforcement Campaign

The IRS recently announced new audit priorities that include an emphasis on virtual currency transactions. Individuals who have concerns about the virtual currency transactions reported on their prior tax returns should seek...more

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