Tag: FBAR

Recent Case “Willful” FBAR Penalty: Even Death is No Escape!

In a recent FBAR case involving an unreported foreign account maintained at none other than UBS in Switzerland, the court was called upon to decide whether the FBAR civil “willful” penalty assessed against the taxpayer survived his death.  The case is United States v. Schoenfeld (Middle District, Fla. 3:16-cv-1248-J-34PDB), dated 9/25/18, and the court order … Continue reading Recent Case “Willful” FBAR Penalty: Even Death is No Escape! →

Form 8938: How This IRS FATCA Weapon is Failing

On July 5, 2018, the Treasury Inspector General for Tax Administration ("TIGTA") issued a final audit report covering the enforcement efforts of the US Internal Revenue Service (IRS) of the “Foreign Account Tax Compliance Act” (the infamous "FATCA").  Readers may recall that FATCA was enacted in 2010, but it has been a very rocky road … Continue reading Form 8938: How This IRS FATCA Weapon is Failing →

Married to A Non-US Spouse? Use of “Resident” Election, Filing FBAR and Form 8938

My blog post containing tax-saving tips for the filing of a US income tax return when one is married to  a non-resident alien spouse is here. It will be helpful to read that post before embarking on this one as it sets out the basics and provides the income tax rates and brackets for the 2018 … Continue reading Married to A Non-US Spouse? Use of “Resident” Election, Filing FBAR and Form 8938 →

Looking for Mr. FBAR? He’s Due October 15th! Learn the Latest…

Learn about MR. FBAR in my interview with attorney John Richardson... Reportable - foreign pensions? Foreign Life Insurance? Foreign cryptocurrency accounts? https://odysee.com/@thatchannel:4/looking-for-mr-fbar-with-virginia-la:4   All the US tax information you need, every week – Just follow me on Twitter @VLJeker (listed in Forbes, Top 100 Must-Follow Tax Twitter Accounts 2017-2021). Subscribe to Virginia – US Tax … Continue reading Looking for Mr. FBAR? He’s Due October 15th! Learn the Latest… →

Jail Time for Plastic Surgeon Hiding Money in Dubai

This FBAR case hit close to home. In fact, it hit home! The Department of Justice proudly announced that it flushed out a Beverly Hills plastic surgeon hiding money in Dubai and got him sentenced to one year and one day in federal prison. Marc Edward Mani, 50,  will serve jail time for failing to … Continue reading Jail Time for Plastic Surgeon Hiding Money in Dubai →

FBAR “Last Chance” Due Date Soon Here – What to do with Virtual Currency?

The Financial Crimes Enforcement Network (FinCEN) had earlier issued an announcement reminding of the due date for filing the 2017 FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the notorious “FBAR”).  The 2017 FBAR relates to foreign financial accounts held at any time during the calendar year 2017. In line with the change in … Continue reading FBAR “Last Chance” Due Date Soon Here – What to do with Virtual Currency? →

MORE Real Life Examples: US Tax Traps of International Community Property

Part I of my blog post explained the basics of community property and how US tax laws can override certain community property principles when a US/NRA married couple is involved.  This was followed by a blog post posing a smattering of real-life examples that demonstrated how community property laws can impact the US tax situation … Continue reading MORE Real Life Examples: US Tax Traps of International Community Property →

New FBAR “Willful” Penalty Case: But You Can’t Blame the IRS!  

I don’t have much to say about this case, simply because not much needs to be said. In United States v. Gentges (USDC SDNY Dkt. 7:18-cv-07910), the Government is bringing a lawsuit to collect a “willful” FBAR penalty for the tax year 2007 in an amount close to USD904,000. The penalties relate to two Swiss bank accounts … Continue reading New FBAR “Willful” Penalty Case: But You Can’t Blame the IRS!   →

Katholos – New Case Shows IRS Aggression in Asserting FBAR “Willful” Penalty

I have been blogging recently (here and here) about the IRS’ aggressive stance in determining what constitutes a taxpayer’s “willful” failure to file an FBAR and the fact that mounting court cases show the judiciary is buying in to the IRS’ position.  Courts appear to be more easily upholding a finding of “willfulness” when it … Continue reading Katholos – New Case Shows IRS Aggression in Asserting FBAR “Willful” Penalty →

Tax Primer: US Expats & Foreigners

Everything you need to know about US tax is right here at your fingertips!  My primer provides information for overseas Americans and green card holders on US tax obligations including Income Tax, Estate Tax and Gift Tax as well as IRS reporting requirements and State income tax. It also provides detailed information for foreign individuals … Continue reading Tax Primer: US Expats & Foreigners →