United States residents with Binance or other non-US accounts don’t know about this IMPORTANT disclosure requirement
Anonymity is an assumed expectation by the cryptocurrency community. However, after IRS successfully issued subpoena to Coinbase to gather information from 2013 thru 2015 about individuals that traded in Cryptocurrencies on the platform, a number of individuals came to the realization that they are not immune to the reporting obligations.
Those who have bought their cryptocurrency from USA based exchanges like Coinbase, Gemini or Bittrex and hold all their cryptos in the USA based exchanges or their private digital wallets may not be subjected to the FBAR reporting obligations.
BUT, the individuals who have accounts with non-USA exchanges like Binance, KuCoin, Huobi and traded in cryptos any time during 2018 will be liable to disclose their account value to the United States Treasury under FBAR guidance on a FinCEN form 114, if they meet the filing thresholds. If someone doesn’t comply with these rules, their account can be frozen, and they may be subjected to penalties ranging from $250,000 to $500,000 or 5 to 10 years of prison time or both.
The United States taxation system is considered one of the most complex and having cryptocurrency tax reporting will only make matters more complex for those dealing in cryptocurrencies. This is why Cryptotapas, a dedicated website for crypto enthusiasts has created this elaborated guide to help individuals understand these important disclosures.
The guide describes step by step instructions to complete the form and answers the most important questions that very few Americans know they should ask.
A free copy of this overview guide can be downloaded from here.
About:
Cryptotapas is an informational website started by RK Reddy and Shyam Reddy – two individuals with a passion for Blockchain and cryptocurrencies. They are firm believers of the blockchain technology and established this website to provide quality research-based information, updates, eBooks and guides related to the cryptocurrency world. The word ‘tapas’ in Cryptotapas comes from the Sanskrit word called ‘tapas’ which means ‘passionate discipline’.
More information can be found at www.cryptotapas.com/downloads
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Company Name: Cryptotapas
Contact Person: Press Executive
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Country: United States
Website: www.Cryptotapas.com
