Federal law requires certain foreign bank accounts and financial assets to be disclosed by filing an FBAR (Foreign Bank Account Reporting) and/or a Form 8938. Cryptocurrency is still in a gray area for these two reporting obligations, but the most cautious approach is to report offshore exchange accounts if their value exceeds the minimum requirements.
The FBAR’s reporting requirement is triggered if you have more than $10,000 in all of your offshore accounts added together. The Form 8938 requirement is triggered when the total value of your foreign financial assets is more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year (those amounts are doubled if you are filing as a married couple).
We help clients who want to disclose their crypto exchange accounts as a precaution even though the IRS has yet to issue formal guidance. Our standard fee for FBARs and Form 8938s is $200 for up to five accounts and $50 per account after that.
We always offer:
- Expertise. Our tax attorneys and CPAs have been filing foreign disclosures for cryptocurrency since 2013.
- Attorney Client Privilege: As a law office, all communications are protected by attorney-client privilege.
- Accuracy. We ensure that your foreign account disclosures are accurate and completed correctly.
- Support. We help clients with crypto foreign account reporting year round, not just at tax time.
- Sincerity. We’re not just here for the taxes, we’re part of the crypto community and care deeply about the development and adoption of blockchain technology.
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