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05 September 2022
Right now, regulatory control differs across American federal government agencies: cryptocurrency is treated as ‘property’ for tax purposes, in many ways resembling stock. Some say that cryptocurrency reporting also resembles a foreign bank account report, in that both are priorities for Internal Revenue Service (IRS) attention and both require care in reporting.
16 August 2022
A chill wind has blown through parts of the red-hot digital assets landscape but a permafrost is unlikely.
There’s no denying that the recent crash in cryptocurrencies has been devastating, with the collapse of ‘stablecoin’ TerraUSD and its sister token Luna grabbing the headlines, and cryptocurrencies overall reported to have lost USD2 trillion in value from their peak in 2021. This so-called ‘crypto winter’ may tempt trustees who find these and other digital assets opaque and unfamiliar to keep the door closed on such volatile nascent innovations in anticipation of its demise. Doing so could be a mistake; in fact, in all likelihood, ignoring digital assets may be impossible for trustees in the future.
16 August 2022
Later in 2022, the Supreme Court of the United States (the Supreme Court) plans to hear Bittner v United States.This case presents a conflict over statutes under the Bank Secrecy Act 1970 (BSA). The question is whether a ‘violation’ under the BSA is the failure to file an annual foreign bank and account report (FBAR) no matter the number of foreign accounts or whether there is a separate violation for each account that isn’t properly reported.