Statute
FBAR
237 published works
Tax Controversy Report
Texas Court Arms Taxpayers with a Powerful New Defense to FBAR Penalty Lawsuits
A district court in Texas has dismissed a lawsuit filed by the Justice Department to collect an FBAR penalty, concluding for the first time that the Internal Revenue Service’s administrative…
TaxSlaw
Unconstitutionally Excessive FBAR Penalties? It Depends
By Louis Vlahos
Raking It In You may recall that earlier this year the IRS launched an initiative to pursue 125,000 “high-income, high-wealth” taxpayers who have not filed taxes since 2017. These were…
Tax Controversy Report
FBAR: The Eleventh Circuit Holds That Willful FBAR Penalties are Subject to the Eighth Amendment Creating Circuit Split
Introduction For years, FBAR litigants have made the commonsense argument that large willful FBAR penalties, which can exceed the value of the unreported foreign accounts themselves, violate the excessive fines…
Sentencing Law and Policy
Eleventh Circuit panel finds Excessive Fines Clause applies to FBAR penalties
A helpful reader made sure I did not miss a lengthy new ruling from the Eleventh Circuit late last week in US v. Schwarzbaum, No. 22-14058 (11th Cir. Aug. 30,…
Other
Eleventh Circuit panel finds Excessive Fines Clause applies to FBAR penalties
A helpful reader made sure I did not miss a lengthy new ruling from the Eleventh Circuit late last week in US v. Schwarzbaum, No. 22-14058 (11th Cir. Aug. 30,…
Agricultural Law and Taxation Blog
FBAR; Read Before Signing; Reporting 4-H Income and Attorney-Client Privilege
OverviewOne of the things that my law students learn shortly into a new semester is that agricultural law covers a wide array of topic matters and will address many areas…
Dollars & Sense
FBAR Penalty Defenses and Techniques: The Wrong “Willful” Penalty Computation
By Admin
On September 8, 2023, the IRS issued a News Release suggesting that FBAR compliance investigations and audits would heat up in the near future. For those unfamiliar with FBARs, federal…
Dollars & Sense
IRS Announces New Compliance Efforts Aimed at High-Income Taxpayers, Partnerships, Digital Assets, FBARs and Labor Brokers
By Admin
On September 8, 2023, the IRS announced a multitude of compliance initiatives aimed at high-income taxpayers, partnerships, digital assets, FBARs and labor brokers. According to the announcement, the IRS has…
Taft Tax Insights
Did you know a recent Supreme Court ruling dramatically reduced penalties for non-willful failures to report foreign bank accounts?
By Todd C. Lady
The recent U.S. Supreme Court ruling in Bittner v. United States (No. 21-1195 (U.S. Feb. 28, 2023)) significantly impacts U.S. taxpayers with “undisclosed” offshore bank and other financial accounts. Under…
Tax Withholding & Reporting
Supreme Court Limits Penalties for Nonwillful FBAR Failures in <em>Bittner </em>Decision
By Michael M. Lloyd, S. Michael Chittenden
On February 28, 2023, the Supreme Court decided Bittner v. United States—a rare Supreme Court foray into Financial Crimes Enforcement Network or FinCEN reporting of foreign bank and financial accounts…