“First, you must report your worldwide income on your tax return. Plus, if you have foreign accounts aggregating more than $10,000 at any time during the year, you must file Treasury Form TDF 90-22.1, also known as an FBAR. They go to FinCEN, not to the IRS. Subject to a higher (generally $50,000 asset threshold), you may also need to file an IRS Form 8938 to report your foreign accounts and assets. The latter is the new FATCA form, part of the dreaded law that ropes in foreign financial institutions to report to the IRS. Penalties for tax and FBAR violations can be severe. In fact, FBAR violations can draw far worse civil or criminal penalties than tax violations.”
http://www.forbes.com/sites/robertwood/2013/12/06/bitcoin-grows-up-but-that-means-fbar-filings/
Tip Freedomwat.ch Staff with Bitcoin