» FBAR
How Long Does the IRS Have to Sue for FBAR Penalties?
March 11th, 2025
It can sometimes feel like an IRS audit or tax assessment can take forever, leaving taxpayers to wonder how long the IRS has to sue for FBAR penalties. A recent case coming out of the federal District Court in the Eastern District of New York shows t…
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Can You Request a Collection Due Process Hearing on FBAR Collections?
December 11th, 2024
The penalties imposed for failure to file a Foreign Bank Account Reporting form (FBAR) can be substantial. The IRS has many mechanisms to collect on those debts. If you have received a notice of collection efforts, can you request a collection due pr…
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IRS Can Collect FBAR Penalties from Estate Distributees, Court Says
November 11th, 2024
They say that nothing is certain except death and taxes. A recent decision by the United States District Court for the Southern District of New York says, between the two, taxes win. The judge granted the IRS authority to collect FBAR penalties from…
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11th Circuit Rules Some (Not All) FBAR Penalties Unconstitutional
October 8th, 2024
Penalties for willful failure to file reports of foreign financial accounts – commonly called FBARs – are some of the highest civil penalties the government can impose. But until now, no court had been willing to say those fines were excessive. I…
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Ninth Circuit Upholds Reckless FBAR Penalties Against Tax Preparer
September 6th, 2024
The Ninth Circuit – known as one of the most taxpayer friendly of the federal circuit courts – has joined many other courts in holding that reckless violations of the Bank Secrecy Act were sufficient to uphold willful FBAR penalties. The Court af…
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FBAR Negligence or Willfulness? Court Says Jury Must Decide
August 7th, 2024
There have been a lot of cases in the last several years defining willfulness in the context of failures to file FBAR forms with the IRS. But a recent decision from the Northern District of California addresses the issue slightly differently. Instead…
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Update: Sixth Circuit Court Calls FBAR Filing Failures “Objectively Reckless”
March 11th, 2024
The Sixth Circuit Court of Appeals, which controls much of the Midwest, has joined several other appellate courts to confirm that recklessness is enough to support willful penalties for FBAR filing failures. Reviewing the case of United States v. Kel…
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Could Tax Treaties Exempt Expatriates from Filing FBARs?
February 8th, 2024
Expatriates often have a foot in two (or more) countries, physically and financially speaking. This can make it difficult to understand their U.S. tax filing requirements. Add to that the extra requirement of filing FBARs disclosing foreign financial…
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Who Has to Disclose Foreign Financial Accounts on FBARs?
January 9th, 2024
Understanding the reporting requirements for U.S. taxpayers with finances overseas can be confusing. It isn’t as easy as whose name is on the account. A recent Court decision provides a helpful guide to determine who has to disclose foreign financi…
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Can Translation Errors Excuse Willful Failure to File FBAR?
December 11th, 2023
The U.S. tax code, including the reporting requirements for foreign bank accounts, can be confusing at best. Non-English speaking taxpayers face additional hurdles due to risks of translation errors and problems understanding the English language, in…
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