FBAR Penalty & the US Supreme Court: If the Penalty is “Per Form”, are “Per Account” Penalty Refunds Possible?

My earlier blog posts discussed the split in the circuit courts whether the FBAR $10,000 civil nonwillful penalty is to be applied on a “per account” rather than “per form” basis. The Fifth and Ninth circuit courts disagree on the statutory interpretation of the Bank Secrecy Act (BSA) (31 U.S.C. § 5321(a)(5)(B)(i)), particularly what constitutes … Continue reading FBAR Penalty & the US Supreme Court: If the Penalty is “Per Form”, are “Per Account” Penalty Refunds Possible?

US Residency “First Year Election” and FBAR – The Devil is in the Details

Recently, I presented a webinar for tax pro’s earning CPE credits; the topic involved our favorite character, Mr. FBAR. The FBAR, Form 114, is more formally known as the Report of Foreign Bank and Financial Accounts.  The webinar will be available soon as a CPE credit "self-study" program.  Send me an email if you wish … Continue reading US Residency “First Year Election” and FBAR – The Devil is in the Details

Recent FBAR Case: IRS Seeks “Willful” Penalty $8.8M Without Much Regard for the Facts

A very recent FBAR case teaches us a few things.  My colleague, attorney John Richardson, noted this after reading the case: "When charities need to raise money they will often have a bake sale or an auction. When the US government wants to raise money it uses an 'FBAR Fundraiser'". Readers, draw your own opinion! … Continue reading Recent FBAR Case: IRS Seeks “Willful” Penalty $8.8M Without Much Regard for the Facts

CONFUSED? FinCEN Blows it….FBAR Due Date Now Extended Till October 31 2020

On October 14, the Financial Crimes Enforcement Network (FinCEN) caused a lot of confusion for taxpayers and their advisors concerning the filing due date for foreign (non-US) financial accounts.  An incorrect posting was issued by FinCEN about the 2020 deadline to file Form 114, Report of Foreign Bank and Financial Accounts, commonly known as the … Continue reading CONFUSED? FinCEN Blows it….FBAR Due Date Now Extended Till October 31 2020