The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has increased enforcement efforts for the Report of Foreign Bank and Financial Account (FBAR). The penalties for a failure to file are harsh and the Supreme Court of the United States (SCOTUS)...
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FBAR
How does the court assess FBAR penalties?
The US government requires citizens file an annual Report of Foreign Bank and Financial Accounts (FBAR) as part of their tax obligations for certain accounts. These forms allow citizens to disclose any qualifying foreign accounts and meet applicable tax obligations....
Was I supposed to file an FBAR?
The Internal Revenue Service (IRS) expected taxpayers to file a Report of Foreign Bank and Financial Accounts (FBAR) by April 15, 2022. However, those who did not meet this deadline may have a get out of jail free card as the IRS provided an automatic extension to...
FinCEN botches FBAR deadline, offers compromise
The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently reported an extension to the Report of Foreign Bank and Financial Accounts (FBAR) deadline. The agency, which oversees this form, notes the extension is the result of...
Reporting Offshore Holdings? Watch out for an Audit.
In recent years, the IRS has devoted vast resources to compel taxpayers to report and pay taxes on offshore assets. As a result of these efforts, the IRS has recovered billions in unpaid taxes. Perhaps the most widely-known tool the IRS uses is the Offshore Voluntary...
Supreme Court of Israel temporarily delays transfer of tax information to United States
The Foreign Account Tax Compliance Act, or FATCA, has major implications for people with dual citizenship in Israel and the United States. Under FATCA, foreign financial institutions are to provide account information for taxpayers holding more than $50,000 in foreign...