The Congressional Research Service outlined the benefits and drawbacks of imposing additional data collection requirements with respect to cryptocurrency transfers.
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The Government Accountability Office made several recommendations to the IRS on its guidance to improve compliance with virtual currency transaction reporting.
The IRS reminded taxpayers who have one or more bank or financial accounts located outside of the United States, or taxpayers who have signature authority over such accounts, that they might be required to file an FBAR by June 30, 2016.
The Financial Crimes Enforcement Network reminded U.S. persons, and those with signatory authority over foreign financial accounts the aggregate value of which exceeds $10,000 at any time during a calendar year, to file their required reports on Foreign Bank and Financial Accounts (commonly known as "FBARs") by June 30, 2016.
U.S. Attorney for the Southern District of New York Preet Bharara sent a letter to the International Consortium of Investigative Journalists asking for information that could assist in a new criminal investigation concerning "matters to which the 'Panama Papers' are relevant."