IPFS News Link • Bitcoin
Bitcoin Taxation Part 7 – Foreign Account Reporting Requirements
• http://bitcoinassociation.orgPart One – Tax Realization of Bitcoin Gains
Part Two – Tax Recognition of Bitcoin Gains
Part Three- Tax Character of Bitcoin Gains
Part Four – Tax Losses and Bitcoin
Part Five- Tax Deductions Related to Bitcoin
Part Six- Tax Record Keeping related to Bitcoin
Part Seven- Bitcoin Foreign Account Reporting Requirements You are Here
Topic 7: Foreign account reporting
The requirements to report foreign accounts are complex and convoluted, such that many taxpayers and tax preparers overlook them entirely. However, the penalties for doing so are severe and even criminal in some cases. Therefore, I feel compelled to address the reporting requirements for foreign accounts even though I rarely see any questions on this issue.
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1 Comments in Response to Bitcoin Taxation Part 7 – Foreign Account Reporting Requirements
When you operate your trusts that handle the bitcoins for you, make it a trust requirement, in the indenture and bylaws, that the trust's Bitcoin transactions are not reportable. Rather, they are private, under contract law, and any information that happens to surface is only incidental, and does NOT have anything to do with breaking the trust.