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Bank secrecy act law book

Fifth Circuit Widens Split Over Non-Willful FBAR Penalties

Is mistakenly failing to file a Report of Foreign Financial Accounts (FBAR) one violation of the Bank Secrecy Act, or several? Whether non-willful FBAR penalties apply per form or per account has become the next big debate among tax attorneys and fed… Read More
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Categories: FBAR
Courts Split Over Finding…

Courts Split Over Finding Multiple FBAR Violations In One Tax Year

When U.S. taxpayers do banking overseas, they don’t often choose an investment strategy based on the number of accounts they will hold. However, the IRS maintains that it can assess penalties for multiple FBAR violations in one tax year. That could… Read More
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Categories: FBAR, Tax News
Can an Informal Trust Shi…

Can an Informal Trust Shield a Trustee from FBAR Penalties?

When family money is passed down through the generations, it isn’t always clear who owns the accounts, or who is required to disclose them to the IRS. A recent case from the Federal Court of Claims considers whether an undocumented, informal trust… Read More
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tax prep software

Will Tax Prep Software Prevent Willful FBAR Penalties?

Every year, millions of Americans file their taxes using TurboTax or another commercial tax prep software. The hope is that these programs will make sure their taxes are done correctly and avoid penalties or even an IRS audit. However, one recent cas… Read More
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FBAR IRS collection

Can the IRS Collect Non-Willful FBAR Penalties from a Deceased Taxpayer’s Estate?

There’s an old saying that nothing is inevitable but death and taxes. But in a fight between the two, which one wins? If a person dies before paying off an assessment, can the IRS collect non-willful FBAR penalties from the deceased taxpayer’s es… Read More
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Categories: FBAR, Tax News
Appeals Judges Disagree O…

Appeals Judges Disagree Over Maximum Willful FBAR Penalty

The question of just how expensive a willful penalty for failing to report foreign financial accounts has been making its way through the federal court systems. Now, the Second Circuit has issued a split opinion that shows just how divided judges are… Read More
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CPA

CPA Should Have Known About FBARs, Asked Questions, Court Says

Many taxpayers facing audits over their foreign financial accounts say they relied on their CPA or accountant and didn’t know they had a duty to file FBAR reports. But when the taxpayer was a CPA himself, his claims of ignorance weren’t enough to… Read More
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Categories: FBAR, Tax News
Lawsuit

Plaintiff Tries to Dismiss His Own FBAR Lawsuit and Fails

Why would you file a lawsuit against the IRS just to turn around and ask the District Court to dismiss it? A combination of impatience, new precedent, and personality changes left a Plaintiff looking for a way out of the Federal Court of Claims. Inte… Read More
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Emergency fund

Inherited Secret Emergency Account Caused Willful FBAR Violations, Appeals Court Says

Is there ever a good reason to hide something from the IRS? A recent opinion from the U.S. Federal Circuit Court of Appeals suggests that even the best of reasons won’t matter if a taxpayer is later found to have willfully failed to file FBAR forms… Read More
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searching for files in a filing cabinet

One Form, One Non-Willful FBAR Penalty, Circuit Court Says

How many penalties can the IRS assess for a single missed form? That was the question before the Ninth Circuit Court recently in United States v Boyd. At least where an accurate FBAR report was filed late, the Court ruled that the one form and one vi… Read More
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