Article Archives: Jennifer Mace

A lot has changed for cryptocurrency and its investors since the launch of Bitcoin in 2009. A decade in and the number of cryptocurrencies available has climbed to over 5,000. The market has experienced huge fluctuations with some investors winning big and others losing it all. Bitcoin, Ethereum, and Litecoin have emerged as some of the largest players. And virtual currency is now getting mainstream media attention and being accepted as payment by thousands of retail establishments.

This new and rapidly evolving landscape can make it difficult to keep up on the government regulations being enacted. To help add clarity, this article will focus on individual investors and what we believe are important tax topics for them to be aware of.

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Posted by: Jennifer Mace

By Jennifer Mace, CPA

In today’s increasingly global economy, there are many U.S. tax-reporting requirements that relate to foreign investments, foreign organizational operations, and other international transactions. One of these requirements is the Report on Foreign Bank and Financial Accounts (FBAR).

While the reporting requirement has been around for decades, IRS scrutiny and compliance efforts have been a focus since 2004, when Congress passed stronger laws to strengthen the penalties for non-filers in the wake of the 9/11 attacks. As part the FBAR evolution, the IRS announced changes to the filings, effective for 2016 filings due in 2017.

The purpose of the FBAR (now filed electronically via Form FinCEN 114) is to disclose accounts for any US person who has a financial interest in,

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By Jennifer Mace, CPA and Jennifer Becker Harris, CPA

U.S. charities are now more than ever diversifying their investment portfolios to include foreign investments, especially foreign program-related investments. They are also offering services on the ground in foreign countries with essential charitable programs.

Most charities are aware of the foreign bank account reporting obligations for those accounts and for individuals with signing authority over such accounts. What charities that invest or operate abroad may not be aware of is the complexity of the federal compliance issues that govern other foreign activities. These activities can involve making grants to foreign entities,

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