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IRS: No Bitcoin Reporting Required for FinCEN Foreign Banking Tax Form
The government agency added that this policy could be changed for future tax years.
By Stan Higgins
Updated Sep 11, 2021, 10:51 a.m. Published Jun 5, 2014, 9:35 p.m.
The US Internal Revenue Service (IRS) declared during a 4th June webinar that US taxpayers are not required to report bitcoin on Financial Crimes Enforcement Network (FinCEN) Form 114, a document also known as the Report of Foreign Bank and Financial Account (FBAR), for this year’s tax season.
According to Bloomberg Bureau of National Affairs (BNA), a senior IRS program analyst remarked that taxpayers face no reporting requirements when filling out their Form 114 for 2014. Taxpayers that hold more than $10,000 in a foreign bank are required to a file this form with FinCEN.
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The move is the latest guidance offered to US taxpayers on the subject of bitcoin, coming months after the government agency ruled that bitcoin would be taxed as a property rather than a currency.
The analyst, Rod Lundquist, announced the policy guidance when asked about bitcoin during the webinar, saying:
"At this time, FinCEN has said Bitcoin is not reportable on the FBAR, at least for this filing season."
The IRS official went on to acknowledge that this policy is subject to change as the IRS clarifies its policies on digital currencies. He added that the agency continues to review its policies regarding bitcoin and that the FBAR guidance in particular may be adjusted in the future.
Taxes image via Shutterstock
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