Statute
FBAR
239 published works
Tax
Fox Rothschild Wins Landmark Victory for Taxpayer in FBAR Case
Fox Rothschild LLP attorneys Patrick J. Egan and Beth L. Weisser won a significant victory in a trial against the IRS when a federal judge rejected the government’s demand for…
Tax
FinCEN Extends FBAR Relief to Victims of Hurricane Irma
We previously reported that the Treasury Department's Financial Crimes Enforcement Network (FinCEN) had granted FBAR filing relief to the victims of Hurricane Harvey. FinCEN announced today that Hurricane Irma victims…
Tax
FinCEN Provides FBAR Relief to Victims of Hurricane Harvey
The Financial Crimes Enforcement Network (FinCEN) announced today that Hurricane Harvey victims in the affected areas of Texas have until January 31, 2018 to file their 2016 FBARs (that would…
International Financial Law Prof Blog
California Businessman Sentenced to Prison for Concealing Over $23.5 Million in Israeli Bank Accounts
Evaded More than $8.3 Million in Federal Taxes Over Seven Years A Los Angeles, California businessman was sentenced to 24 months in prison today for hiding more than $23.5 million…
Tax
California District Court Finds Failure to File FBARs was Willful Despite Application for Voluntary Disclosure Program
The Bank Secrecy Act requires U.S. taxpayers to file FBARs with the U.S. Treasury disclosing any interest in, or signature authority over, foreign financial accounts with assets in excess of…
Tax Controversy 360
Court Holds that Willful Failure to File FBAR Standard is the Lesser Standard of Recklessness
On December 2, 2016, the US District Court for the Central District of California found that taxpayers who failed to file a Report of Foreign Bank and Financial Accounts (FBARs)…
International Financial Law Prof Blog
Congress Matches FBAR Filing to Tax Return Dates, Allows Extension, Penalty Abatement
BNA Reports - Practitioners are praising the new deadline for reporting foreign bank accounts tucked into newly signed legislation (Pub. L. No. 114-041) to extend the Highway Trust Fund. The…
International Financial Law Prof Blog
Sunday’s interesting article reads….
"IRS Changes Streamlined OVDP Reducing FBAR Penalty Exposure!" Journal of Tax Practice and Procedure, June-July 2014 CHARLES P. RETTIG U.S. taxpayers with previously undisclosed interests in foreign financial accounts and assets…
Employee Benefits Blog
June 30 Deadline Approaches for Mandatory E-File FBAR Reporting
By Diane Morgenthaler, Michael Rosen-Prinz, Todd Solomon, McDermott Will & Emery
2014 presents particular challenges with respect to FBAR, the Report of Foreign Bank and Financial Accounts, for certain U.S. persons with interests in or signature authority over assets exceeding $10,000 held…
Asset Protection Law Journal
FBAR and FATCA Provide Separate Reporting Requirements for Offshore Accounts
By Ken Laino
FBAR and FATCA (which require reports by U.S. persons of interests in foreign accounts) overlap to a large extent. But they impose separate reporting requirements. Failure to comply (especially with…