Update : Bitcoin Accounts Not Required to be Reported on FBAR for 2013

Taxpayers with bitcoin accounts can breathe a small sigh of relief. According to the IRS, Bitcoin, also known as virtual currency, isn’t subject to FBAR reporting … at least for now. During a recent IRS webinar titled, “Reporting of Foreign Financial Accounts on the Electronic FBAR,” Rod Lundquist, Senior Program Analyst in IRS’s Small Business/Self Employed (SB/SE) division, stated that for purposes of the 2013 filing season, taxpayers need not report Bitcoin on an FBAR. However, in what was likely a foreshadowing of things to come, he cautioned that the IRS continues to analyze virtual currency and that this policy could change in the future.

 Gold Vs Bitcoin: Similarities And Differences [INFOGRAPHIC] http://www.valuewalk.com/2014/07/gold-vs-bitcoin-infographic/ … $GLD $GDX $BCOIN