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Under the federal Bank Secrecy Act, U.S. taxpayers who own offshore financial accounts worth $10,000 or more are required to disclose these accounts to the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR). At present, this requirement does not apply to offshore virtual currency accounts. However, as  US International Tax Advisors explains below, this may soon change.

Tax season is here again. While, for most people, this simply means preparing their state and federal tax returns, U.S. taxpayers who have offshore assets may have additional filing requirements as well. Here US International Tax Advisors explains the FBAR and FATCA filing requirements for 2021.