» FBAR
FBAR vs FATCA: What You Need to Know
February 9th, 2017
As you prepare to file your federal tax return and related documents with the IRS, it is important to be aware that the federal government imposes mandatory reporting requirements for broad categories of foreign financial accounts and other assets in…
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Federal Court Imposed Penalties for Reckless FBAR Violations
January 27th, 2017
The difference between willful and non-willful FBAR violations amount to hundreds of thousands of dollars. But what counts as willfulness can sometimes be unclear. A recent federal district court decision says even reckless taxpayers could face stiff…
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IRS Guidance Makes FBAR Penalties More Predictable
October 14th, 2016
When you discover that the IRS is investigating you for failing to report foreign financial accounts it can be intimidating. If you are facing the possibilities of FBAR penalties and criminal imprisonment, Your first question will likely be, “W…
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New IRS Guidelines Limiting FBAR Penalties
November 20th, 2015
Penalties for failure to file required FBAR reports disclosing foreign financial accounts for taxpayers who do not participate in one of the available Offshore Voluntary Disclosure Programs are severe. Civil penalties for non-willful failure to file,…
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