» FBAR
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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Categories: FBAR
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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Could Your Estate Have to Pay Your FBAR Penalties?
October 9th, 2023
When the IRS issues FBAR penalties against elderly taxpayers, they may have an instinct to ignore the issue and hope it goes away after their death. However, a recent United States District Court case, United States v Gaynor, says your estate could h…
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Willful Blindness Leads to Willful FBAR Penalties After Doctor Hides Assets
July 6th, 2023
Taxpayers can’t turn a blind eye to their IRS filing requirements and expect to avoid willful FBAR penalties. A recent decision from the United States District Court for the Eastern District of Michigan shows that when an anesthesiologist tried to…
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US Sanctions Create FBAR Problems for Irani Immigrants
February 20th, 2023
International sanctions made it hard for two Irani immigrants to transfer proceeds from the sale of their home. But the U.S. District Court in Oregon said that what they did next created FBAR problems resulting in willful FBAR penalties that no jury…
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Harvard Professor Struggles to Defend Against Criminal Tax and FBAR Charges
November 7th, 2022
If you are facing criminal FBAR charges for failing to disclose your foreign financial accounts, you and your tax attorney may need to get creative in crafting your defense. But as one recent criminal tax case from Massachusetts shows, creativity doe…
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FBAR Penalty Calculations: Does the IRS Have to Show its Work?
September 7th, 2022
When the IRS imposes penalties, it can sometimes seem as though the number is plucked from the air. But when an FBAR penalty case goes to trial, the IRS is required to prove the amount of its penalty complied with the law. However, a now-familiar cas…
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Foreign Mutual Funds Lead to Willful Penalties for FBAR Filing Error
July 14th, 2022
Sometimes, the interest earned through foreign mutual funds and investment accounts can result in income taxpayers don’t realize they have. These earnings are often reinvested automatically. If you and your accountant are not careful, an error in d…
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Categories: FBAR
First Circuit Court Says 8th Amendment Excessive Fines Clause Doesn’t Apply to FBAR Penalties
June 14th, 2022
How large a penalty is too large, constitutionally speaking? Many people are shocked to learn that the maximum amount for a willful FBAR penalty is one half the balance of the account at the end of the reporting year. This can easily add up to millio…
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