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So we’re all clear here...

FinCEN Clarifies FBAR Due Date for Calendar Year 2017

The Financial Crimes Enforcement Network (FinCEN) reminds filers that the annual due date for filing the Report of Foreign Bank and Financial Account forms (FBARs) is…

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Anti-Money Laundering

The US - a great place economically to be - but not to be from

Someone asked me today in a Facebook group I have, US Expatriate Parenting why I suggested in an answer about the N600K that US citizenship can be a burden on those planning to live outside the US borders. 1,604 more words

US

FinCEN extends FBAR filing deadline for some...

FBAR Filing Requirement for Certain Financial Professionals FinCEN Notice 2017-1

Extended Filing Date Related to Notice 2016-1

The Financial Crimes Enforcement Network (FinCEN) is announcing a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking (NPRM) FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act (BSA) regarding FBARs.1 Specifically, one of the proposed amendments would expand and clarify the exemptions for certain U.S.

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Anti-Money Laundering

Court Tightens Noose on Reasonable Cause Exception for the FBAR Penalty By Robert S. Horwitz

A U.S. person with foreign financial accounts worth over $10,000 during the calendar year is required to file a Foreign Bank Account Report (FBAR). Failing to file can result in either a “non-willful” or a “willful” penalty under 31 USC §5321(a)(5).  993 more words

Beware of California Penalties for Failure to Report Foreign Financial Assets on Form 8938 by MICHEL STEIN

The California Franchise Tax Board (“FTB”) recently reminded the public that the State of California (“State”) can and will impose penalties for failing to disclose foreign financial accounts and assets.  1,166 more words

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