FBAR compliance checklist

When dealing with FBAR compliance checklist, a set of steps required to report foreign financial accounts to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). Also known as FinCEN Form 114, it helps stop tax evasion and money‑laundering. The checklist applies once the aggregate value of your foreign accounts tops $10,000 at any time during the calendar year. Missing the filing can bring steep civil penalties, and in extreme cases criminal charges. Understanding the filing deadline (April 15, with an automatic extension to October 15) and the need to file electronically are the first two items on any solid compliance plan.

Key pieces of the checklist for crypto holders

Crypto assets add a twist to the traditional FBAR process. Cryptocurrency, when stored on overseas exchanges or in foreign wallets, counts as a financial account if its fair market value exceeds the $10,000 threshold. Many investors think their decentralized holdings are off the radar, but the Treasury Direct guidance treats exchange‑provided accounts just like bank accounts. FATCA, the Foreign Account Tax Compliance Act, runs in parallel with FBAR. While FBAR reports to FinCEN, FATCA requires filing Form 8938 with the IRS for similar thresholds, but only for U.S. taxpayers. The two regimes overlap: an account that triggers FBAR will often trigger FATCA, and both demand accurate valuation methods—usually the yearly average of daily closing prices from a reputable source. Keeping detailed transaction logs, wallet addresses, and exchange statements simplifies both filings and protects you from audits.

The articles below walk you through real‑world scenarios that crypto users face. From India's 30% crypto tax and its no‑loss‑offset rule, to Mexico's emerging FinTech regulations, and the legal risks of evading sanctions, each post shows how the FBAR compliance checklist dovetails with broader tax and compliance obligations. You'll find step‑by‑step guides, common pitfalls, and actionable tips to stay on the right side of the law. Dive into the collection and equip yourself with the knowledge you need to file confidently and keep your crypto portfolio compliant.