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Tag Archive for Bank Secrecy Act

Court Revisits Willful Requirement For Enhanced FBAR Penalties

A recent U.S. District court case has again shone a spotlight on the lack of a clear statutory or regulatory definition of “willful” for purposes of applying the more severe penalties for failure to file the FBAR.

In Bedrosian v. United States, 2017 U.S. Dist. LEXIS 56535 (ED PA 2017), the Court denied summary judgments by the both taxpayer and government on the issue of the taxpayer’s culpability in failing to report a Swiss bank account on a timely-filed FBAR.

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Tax Due Dates & The FBAR: Get With The New Program Peeps!

Manasa Nadig

Remember all that excitement around the Surface Transportation and Veterans Health Care Choice Improvement Act? Yes, I bet you do! We talked about it here. So it is here- the new FinCEN Form 114 (aka FBAR) filing deadline!

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Court Finds Couple Willfully Failed To File FBAR

Ephraim Moss

If you thought FBAR penalties were more bark than bite, a recent U.S. District court case is sure to change your mind.

In United States v. August Bohanec et ux, USDC CD Ca., No. 2:15-cv-04347 (December 2016), the Court found that the taxpayer’s failure to file the FBAR was willful and affirmed the IRS’s enhanced FBAR civil penalty, i.e., a fine equal to the greater of $100,000 or 50% of the balance in their unreported accounts.

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A Holiday Gift: What To Do About The Unfiled FBAR – Part 1

John Richardson

I suspect that history will show that that the growth in renunciations of U.S. citizenship (and abandonment of Green Cards) continued in 2016. Absent a change in the way that the United States treats its “U.S. Persons Abroad”, I suspect that the growth in renunciations of U.S. citizenship will continue.

The purpose of this post and a short summary:

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This Year’s FBAR Deadline Is Upon Us

Ephraim Moss

The IRS has just issued a reminder to taxpayers that the FBAR filing deadline of June 30th is fast approaching. Unlike other tax forms, extensions for filing the FBAR are not allowed, so June 30th remains a hard deadline.

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US Tax Laws Pushing Americans to Expatriate; OVDI “Arbitrary and Capricious” – An Interview With Bill Yates – Former Attorney, Office of Associate Chief Counsel (International), IRS, continued…

TaxConnections Picture - Tax BriefcaseThis is a continuation from yesterday’s post of the interview with Bill Yates:

Yates: Everyone in the room who knew me turned and looked at me. I’ve been involved in horses since I was five. Believe me, no one makes $50 million raising bucking horses. That is patently ridiculous. What it shows is that LGT would accept any explanation regarding the source of a prospective client’s funds or assets. Then, the UBS scandal broke. That’s when things really got ridiculous.

La Torre Jeker: How?

Yates: Well, we started seeing how European governments were shocked, I mean shocked, really, to find out that any of their banks could be involved in promoting and facilitating tax evasion. Give me a break. How could you live in the EU and not know about what was going on in Switzerland, Lichtenstein and the Caribbean tax havens, many of which by the way are British protectorates?

La Torre Jeker: So, are you saying that foreign banks had it coming to them? I mean FATCA. Read more

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