Tags » FBAR

Is it illegal for the IRS to assess more than $100,000 for a willful FBAR violation? by Robert Horwitz

Section 5321(a)(5)(A) provides that the Secretary of Treasury “may impose a civil money penalty” on anyone who violates the FBAR reporting requirements.  Originally, the penalty for willful violation was the greater of the amount in the account (not to exceed $100,000) or $25,000.  367 more words

“Willful” in the FBAR Context Implies a Knowing or Reckless Failure to File an Accurate FBAR by ROBERT HORWITZ

The Government prevailed in each of the FBAR penalty cases that had previously been decided, but finally a taxpayer convinced a court that he was not liable for the 50% willful penalty. 771 more words

More Natural Disasters = More FBAR Relief from FinCEN

FinCEN Provides FBAR Relief to Victims of the California Wildfires; Parts of California Now Eligible; Extension Filers Have Until January 31, 2018 to File

WASHINGTON –– FinCEN announced today that California wildfire victims in affected areas of California have…

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Anti-Money Laundering

FinCEN extends hurricane-related FBAR relief

FinCEN Provides FBAR-Filing Relief to Victims of Hurricanes Harvey, Irma, and Maria

The Financial Crimes Enforcement Network (FinCEN) has updated two previous notices regarding FBAR-filing relief to victims of the recent hurricanes. 148 more words

Anti-Money Laundering

The US Government is not totally heartless

Notice September 12, 2017

FinCEN Provides FBAR Relief to Victims of Hurricane Irma; Virgin Islands, Puerto Rico and Parts of Florida Now Eligible; Extension Filers Have Until January 31, 2018 to File…

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Anti-Money Laundering

IRS Updates FBAR Reference Guide to Reflect Increased Inflation-Adjusted Non-Willful and Willful Penalty Amounts by Michel Stein

The IRS has updated its Reference Guide on Foreign Bank Account Reports (“Guide”) to help U.S. persons and tax professionals with FBAR filing obligations.   The Guide also supports IRS examiners in their efforts to administer the various IRS FBAR examination and penalty programs.    1,068 more words

#Americansabroad: "Ask NOT what the Homeland can do for you! Ask what you can do for the Homeland!

What follows is the full text of the Facebook post referenced in the above link. Really now, it’s time to understand that taxation is NOT the price you pay for Government services (or certainly not civilization). 718 more words

Citizenship-based Taxation