Preston Hollow has always been a neighborhood of closely held businesses and quiet, deliberate wealth — family companies built over decades, philanthropic commitments planned years in advance, and financial lives complex enough to require real coordination. That complexity, this year, has started to include a question we didn’t hear as often before: does the digital asset account tied to my company, my family office, or my personal portfolio need to be reported to the federal government as a foreign account?
For many Preston Hollow families and business owners, the answer is yes — and the IRS and FinCEN have made enforcing that answer a stated priority since the first quarter of this year.
Why Preston Hollow Is Facing New Scrutiny
Closely held businesses in this community often maintain diversified holdings — investment entities, international business relationships, and increasingly, digital asset positions managed either personally or through a family office structure. Some of these holdings sit on exchanges that are legally based outside the United States, even when the platform is widely used domestically. For families managing philanthropic giving, business succession, and personal wealth simultaneously, a foreign-located digital asset account can be an easy detail to miss amid everything else being coordinated.
The IRS and FinCEN’s enforcement focus this year is specifically on U.S. citizens and green card holders holding digital assets through foreign-located exchanges — a category that increasingly includes sophisticated investors and family offices, not just individual traders.
Understanding FBAR, FinCEN & Digital Asset Reporting
We work with Preston Hollow business owners, family offices, and philanthropic families on:
- FBAR applicability review — across personal accounts, business entities, and family office-managed digital asset holdings
- Foreign-located exchange identification — determining where a given platform is actually domiciled, which is not always obvious
- Delinquent FBAR filing procedures — bringing complex, multi-entity financial pictures into compliance
- Voluntary disclosure guidance — a particularly important consideration when multiple entities or family members are involved
- Penalty exposure and mitigation — the stakes are higher with larger holdings, which makes early, correct handling essential
- FATCA coordination (Form 8938) — frequently required alongside the FBAR for business owners with international interests
- Ongoing compliance planning — integrating foreign account reporting into your family office’s or business’s existing financial governance
The Coleman Jackson, P.C. Difference
We’ve counseled Preston Hollow families through business sales, succession planning, and complex estate matters — this issue gets the same level of care and discretion. We work alongside your existing advisors, family office staff, or accountants rather than around them, so the compliance solution fits into the broader structure you’ve already built.
How We Handle Your Compliance Matter
- Confidential review of personal, business, and family office-held accounts and digital assets.
- Exposure analysis across every relevant entity and family member.
- Path selection built around the scale and structure of your holdings.
- Filing and representation with the IRS and FinCEN, coordinated with your existing advisory team.
- Forward planning so foreign account reporting becomes a standing part of your family’s financial governance.
The Crossroads of Tax Law, Business Law & Estate Law
For Preston Hollow families, a foreign digital asset account rarely exists on its own — it connects to business structures, succession plans, and philanthropic vehicles that are all part of the same larger picture. Coleman Jackson, P.C. has always worked across Tax Law | Business Law | Estate Law together, which is exactly the approach a matter like this requires.
Frequently Asked Questions
Our family office manages digital assets on our behalf. Who is responsible for FBAR reporting? This depends on legal ownership and control structures, which we’ll review carefully. In many cases, both the individual and the entity may have reporting obligations.
We have holdings across multiple business entities. Does that complicate this? It adds complexity, but it’s manageable with the right review. We regularly work with multi-entity structures and will map out exactly what applies where.
Will this affect our philanthropic or succession planning? Not typically in a disruptive way, though we will look at how it connects to those plans as part of a complete review.
How discreet is this process for a well-known family or business? Completely confidential. FBAR filings and IRS or FinCEN correspondence are not part of any public record.
How far back will we need to look? Generally six years for FBAR purposes, though the right scope depends on the history and structure of your specific holdings.
Ready to Get This Resolved?
If your business, family office, or personal holdings include a foreign-located digital asset account that may not be properly reported, let’s review it together — thoroughly, and in coordination with the advisors you already trust. Coleman Jackson, P.C. serves Preston Hollow in English and Spanish.
Call us: 214-599-0431 (English) | 214-599-0432 (Spanish) Or book a confidential consultation online.
