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Rand Paul

Court Says Sen. Rand Paul, Plaintiffs Can't Challenge FATCA / FBAR

Senator Rand Paul and several individual plaintiffs asked an Ohio federal court to strike down the Foreign Account Tax Compliance Act (FATCA), the Bank Secrecy Act’s Financial Bank Account Reporting (FBAR) requirement, and certain intergovernme… Read More
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Categories: FATCA, FBAR
Willful Tax Fraud - Crime Scene Tape on 1040 Form

IRS Seeks Prison Time for Willful Tax Fraud

It can sometimes feel like the Internal Revenue Service (IRS) is out to get taxpayers who don’t know the rules. But a recent federal court indictment, if proven true, will show that sometimes taxpayers know exactly what they are doing when they com… Read More
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Tax Audit in Red

Taxpayers Beware: CPA Advice May Not Stop FBAR Penalties

Taxpayers across the country rely on advice from their accountants and CPAs to meet the complicated requirements of the U.S. Tax Code. But a case currently pending in the U.S. Court of Federal Claims suggests that CPA advice may not be enough to stop… Read More
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Tax Deadline April 18, 2017 Circled on Calendar

IRS "Reminders" Issued Days Before Filing Deadline

The tax filing deadlines have passed, and with them the updated deadlines for the disclosure of foreign bank accounts and financial assets. In the last days before the filing deadline on April 18, the IRS issued “reminders” that could hav… Read More
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Red Alarm Clock with word Deadline

Taxpayer Beware: New FBAR Filing Deadline for 2016

Changes to the IRS foreign financial account filing requirements, especially the FBAR filing deadline for 2016, could catch US taxpayers off guard next month. Don’t get caught unaware. Find out what you and your accountant need to know now, bef… Read More
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Categories: FBAR
Stoplight in front of IRS Building

Where to File a FBAR Penalties Challenge

No one wants to pay penalties for failing to file reports on federal accounts. Even in spite of a tax attorney’s best efforts, the IRS will sometimes issue FBAR penalties improperly. A recent federal District Court decision explains what U.S. t… Read More
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Tax Help Written in Red Marker

FBAR vs FATCA: What You Need to Know

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… Read More
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Categories: FATCA, FBAR
Gavel and dollars: Penalty for Reckless FBAR violation

Federal Court Imposed Penalties for Reckless FBAR Violations

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… Read More
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IRS Guidance on FBAR

IRS Guidance Makes FBAR Penalties More Predictable

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… Read More
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​New IRS Guidelines Limiting FBAR Penalties

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,… Read More
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