Should it be reported on your #FBAR? Not even your accountant knows for sure

The deadline is fast approaching. Mr. FBAR has been updated and modernized.

He has a new name (Form 114).

He has a new look.

He must now be filed online.

He is still one of the U.S.A.’s deadliest forms.

But, the question still remains:

What exactly is required to be reported on your FBAR?

Taxpayers “navel gaze” in fear!

Tax professionals continue to educate!

Another interesting article from Virginia La Torre Jeker features a nice review of the FBAR rules. It also provides clues to the answer to the most important question facing Americans today.

What exactly is required to be reported on my FBAR?

While these online accounts were not traditional types of financial accounts, such as a bank account, they functioned in the same way as such traditional accounts. For example, taxpayer opened the accounts in his own name, he had a user name and password, funds were transferred or disbursed from the accounts at taxpayer’s discretion, taxpayer could transfer funds from one account to another,  deposit and withdraw funds at will and could carry a balance in the accounts. For these reasons, the IRS maintains that the accounts at FirePay.com, PokerStars.com, and Partypoker.com are “bank, securities, or other financial account[s]” for purposes of FBAR reporting under the Bank Secrecy Act provisions.

On the other hand, perhaps:

 

 

 

 

 

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