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The Institute of CPAs is updating its Statements on Standards for Tax Services and wants the IRS to hold off on renaming "virtual currency" as "digital asset" on tax forms.
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FinCEN recently took another important step toward bringing virtual currency into the financial assets reporting scheme.
Taxpayers that have $10,000 or more in a foreign bank account have long been required to file a foreign bank account report (or “FBAR”) on FinCEN Form 114. The penalties for failing to report foreign bank accounts are significant: $10,000 for a non-willful failure and the greater of $100,000 and up to 50 percent of the unreported account balance for willful failures. While the rules requiring the reporting are issued under the authority of the Bank Secrecy Act, the IRS administers the rules and the IRS has been aggressive in assessing penalties for failures to report such holdings.