Are Cryptocurrencies Foreign Assets Subject to FATCA and FBAR?

People often ask: Do Bitcoin and other digital tokens qualify as foreign assets under U.S. law? Answer: Not inherently. Cryptocurrency holders who use overseas wallets and exchanges may be subject to reporting requirements and should familiarize themselves with two tax forms: FATCA and FBAR. Cryptocurrency as a Foreign Asset: Categorizing Tokens for Tax Purposes For […]

FATCA Reporting: Filing Form 8938

Offshore accounts were once the go-to option for Americans who wanted to hide money from Uncle Sam. Those days are long gone due to the Foreign Account Tax Compliance Act (FATCA).Since being signed into law, FATCA reporting has aided the IRS’s fight against tax evaders concealing assets in foreign countries. By the end of this […]

Tax Problems

Attorney for Tax Problems in Chicago, IL No more tax stress! Our experienced attorneys are here to help Are you facing tax challenges? Feeling overwhelmed and unsure what to do? Look no further; Gordon Law Group is here to help. We have successfully helped thousands of clients untangle their tax problems, from reducing tax debts […]

Tax Audit Lawyer

Tax Audit Lawyer in Chicago | Attorney for IRS Audit, Illinois Audit, and Chicago Tax Audit Save time, save money, and get the IRS off your back! Are you facing an IRS tax audit? Don’t face it alone! Our skilled tax audit lawyers are here to help you fight the IRS and avoid high tax […]

FBAR Audit

FBAR Audit | Gordon Law Group Navigating an FBAR Audit: Tips to Help You Avoid Surprises Have you been reporting foreign bank accounts? The government is cracking down, and FBAR audits are on the rise. Learn how to stay ahead of the game and be fully prepared for an FBAR audit. Contact Gordon Law Group […]

Tax Law

Tax Lawyers in Chicago, IL Eliminate Your Stress with the Help of an Experienced Tax Attorney! Stressed over taxes? Our experienced tax lawyers are here to relieve the tension, handle the situation, and minimize your tax burden. If the IRS is breathing down your neck, we’ll build you a strong defense and be a staunch […]