Meet the Expert - Lilas Baketa


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What you Need to Know: Cryptocurrency Taxation, Employee Stock Plans, and Foreign Accounts Tax Compliance (FBAR, FinCen, and more)

Every second Thursday, the FACCSF hosts a session with one of its expert members.


What you Need to Know: Cryptocurrency Taxation, Employee Stock Plans, and Foreign Accounts Tax Compliance (FBAR, FinCen, and other US tax reporting obligations)


A key feature of net worth taxes in the USA is that the tax is imposed on the people who ultimately own assets. The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold. Shares of stock received or purchased through an employee stock plan are considered income and generally subject to ordinary income taxes. Additionally, when these employee shares of stocks are sold, you’ll need to report the capital gain or loss. The situation is even more complex when you hold accounts and other financial assets overseas. The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 to combat tax evasion by U.S. citizens and residents holding accounts and other financial assets offshore. This agency set severe penalties for not reporting these financial assets.


Come learn more about these complicated tax situations and what to do to avoid incurring unnecessary tax penalties or paying too many taxes when something can be done to mitigate it. You’ll also get the opportunity to schedule a consultation to talk with an expert about your specific situation.

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Lilas Baketa, CPA

Managing Principal of LNB Accounting

Lilas is the founder of LNB Accounting, a certified public accounting firm that provides a variety of accounting, business advisory, and tax services to individuals, small businesses, nonprofits, and startups. She started her career as a senior accountant and financial advisor with a large U.S. bank, switched to become a senior auditor of fortune 500 companies and local government agencies, and is now expanding on business advisory practices. Lilas has over 15 years of experience focused extensively on financial statement audits and U.S. taxation of foreign income. She serves low-to mid-net-worth individuals and companies based in the U.S. and offers consultancy to international companies seeking to establish their businesses in California. She’s a CPA and has a Bachelor’s Degree in Economics, a Master’s in Accounting and Financial Management, and a Graduate Certificate in Financial Analysis.

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