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Swiss Bank Concealment Scheme Results in Prison and FBAR Penalties
February 26th, 2018
Many foreign nationals do not realize the reporting and tax requirements imposed on them by the IRS. While it has been said ignorance of the law is no excuse, intentional tax avoidance can result in far more severe penalties, including prison and mil…
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Wrong Answer on Schedule B Dooms Taxpayers' Attempt to Rely on Accountant's Tax Advice as Reasonable Cause to Avoid FBAR Penalties
January 10th, 2018
Many American taxpayers and business owners use accountants or CPAs to prepare their taxes. Their involvement in the tax process may be as little as signing the return and cutting a check, without ever really considering their accountant’s advi…
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Criminal Bribery Charges Lead to $1 Million FBAR Penalties
December 21st, 2017
For many taxpayers, the failure to file reports of foreign financial accounts happens by accident, or at least inadvertently. Even many penalties issued for willful violations are the result of a taxpayer’s negligence rather than any complex ta…
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FBAR Penalties Build Up Over Years, Even Through Criminal Penalties
November 30th, 2017
As a U.S. taxpayer, you may believe that one run in with the IRS is enough. If you have faced FBAR penalties or criminal prosecution for tax evasion or failure to file necessary forms, you may assume you don’t have to worry anymore. But FBAR penalt…
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Paul Manafort Indicted for Conspiracy, Tax Fraud, and FBAR Felonies
November 21st, 2017
On October 31, 2017, it was announced that Trump adviser Paul Manafort and his assistant Richard Gates were indicted in federal court on charges of conspiracy, tax fraud, and FBAR reporting felonies. These charges were some of the first arising from…
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Court Says Sen. Rand Paul, Plaintiffs Can't Challenge FATCA / FBAR
September 12th, 2017
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…
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IRS Seeks Prison Time for Willful Tax Fraud
August 18th, 2017
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…
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Taxpayers Beware: CPA Advice May Not Stop FBAR Penalties
July 7th, 2017
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…
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IRS "Reminders" Issued Days Before Filing Deadline
April 26th, 2017
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…
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Taxpayer Beware: New FBAR Filing Deadline for 2016
March 13th, 2017
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…
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