Huge news- The US Supreme Court on February 28, 2023 holds in a decision on Bittner, No. 21-1195 (U.S. 2/28/23)) vs. (Boyd, 991 F.3d 1077 (9th Cir. 2021)) that the $10,000 non willful FBAR Form 114 penalty is per report, not per account! The U.S. Supreme Court held Tuesday in a 5-4 decisi...

IRS reminds taxpayers in IR-2022-174 of the Form 114 FBAR, that the extended October 17, 2022 deadline is approaching! Filers affect by a natural disaster in Puerto Rico, Florida, North Carolina and South Carolina may have their FBAR due date further extended. WASHINGTON – The Inte...

Finally we will obtain clarity on the FBAR penalty found on FinCEN Form 114, under Code of Federal Regulations (CFR)- Internal Revenue Service to CFR Title 31- Money and Finance: Treasury and managed by FinCEN- the Federal Crimes Enforcement Network. The U.S. Supreme Court on Tuesday, June...

IRS reminds taxpayers in IR-2022-73 of the Form 114 FBAR, not to worry as these are generally extended beyond April or June 2022 all the way to October 17, 2022 without any extension required. The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic ...

Notice- October 5, 2021- The Financial Crimes Enforcement Network (FinCEN) announced that victims of Ida and the CA wildfires and Tropical storm Fred have until December 31, 2021 to file their FBAR Form 114.   FinCEN is offering this expanded relief to any area designated by the Federal E...

An excellent expose on a US persons obligation to report their foreign asset holdings/ foreign accounts on FBAR Form 114, FATCA Form 8938, the variety of penalties imposed for failure to do so and the remedies available to fix these delinquent reporting requirements. EXECUTIVE SUMMARY ...

In a similar finding to the district court in the matter of Bittner (DC TX 6/29/2020), the Court of Appeals for the Ninth Circuit on March 26, 2021 ruled that the IRS can impose only one non-willful penalty under 31 USC 5321(a)(5)(A) when an untimely, but accurate, Report of Foreign Bank a...

The Fourth Circuit affirmed penalties for a taxpayers failure to file Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR) were ‘willful’ despite there claim to be unaware of the requirement! The Court found them to be ‘objectiv...

FinCEN (Financial Crimes Enforcement Network) on December 31, 2020 advised filers that although accounts holding virtual currency are not currently considered a reportable account, it to pros=pose shortly changes that will require virtual currency accounts reportable under 31 CFR 1010.350(...

The district court in the matter of Bittner (DC TX 6/29/2020), concluded that the penalty for a non-willful FBAR violation relates to each FBAR Form 114 not timely or properly filed rather than to each foreign financial account maintained but not timely or properly reported. Only time wil...

FinCEN makes it clear that regulations (31 C.F.R. §1010.350(c)) do not define virtual currency held in an offshore account as a type of reportable FBAR Form 114 account. Tax practitioners and taxpayers alike have long grappled with whether virtual currency, aka cryptocurrency, is report...

IRS reminds taxpayers of the Form 114 FBAR, Form 8938 Statement of Specified Foreign Financial Asset filing deadlines, not to worry as these are generally extended beyond April or June 2019 all the way to October 15, 2019.  Also of mention is the now defunct OVDP program and Streamlined. ...

Though time has run out for taxpayers to make a complete disclosure and avail themselves of the program benefits of the Offshore Voluntary Compliance Program (OVDP) for Willful taxpayers as of September 28,. 2018, taxpayers can still voluntarily reveal their offshore assets and in the case...

56,000 taxpayers later amounting to 11.1 billion dollars the Offshore Voluntary Compliance Program (OVDP) for Willful taxpayers who have not reported all of their income, and or FBARs Form 114 and/ or FFA on Form 8938 has come to an end on September 28, 2018.  Have no worry the Streamline...

FinCEN clarifies that, in line with the due dates for federal income tax returns,  (normally April 15 this year but April 15 falls on a Sunday and April 16 is Emancipation Day in DC) for the 2017 tax season the FBAR Form 114 is due on April 17.  Additionally, there is an automatic extens...

Shame on the IRS. Court rules that whether the individual willfully failed to submit an accurate FBAR was an inherently factual question that could not be resolved by summary judgment, since this deals with intent of the taxpayer. The IRS was not entitled to summary judgment on the issue ...

In a compassionate move realizing the extent devastation from Hurricane Irma to taxpayers in FEMA designated areas, FinCEN has extended the October 16, 2017 FBAR Form 114 deadline to January 31, 2018. Virgin Islands, Puerto Rico, and parts of Florida now eligible, extension filers have un...

WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, the agency advised anyone with a foreign bank or financial account tha...

For the third year, the IRS has compiled an official list of top tax scams, dubbed the Dirty Dozen. And again, offshore tax cheating has earned a place on the list. Recently, the IRS boasted of obtaining more than half a million disclosures of unreported offshore money from dodgers and...

Every year the IRS compiles a Dirty Dozen list of the most prevalent tax scams for the previous year. Topping the recently published 2017 report are phone scams, phishing, and one that really hits home: Return Preparer Fraud. "The vast majority of tax professionals provide honest, high...

Recently, many tax return preparers have learned that a number of their clients failed to report their interest in a foreign bank account, corporation or trust to the IRS. Because the Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report their U.S. de...

Who needs to fill out a Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? According to The Bank Secrecy Act, P.L. 91-508 “[e]ach United States person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a fo...

If you are a U.S. citizen and have offshore bank accounts you better make sure you are in full compliance with U.S. tax laws and that you have disclosed all necessary information. The Department of Justice (DOJ) is determined to find offenders and has restarted their engine on identifying ...

Undisclosed Offshore Accounts WASHINGTON — As international compliance efforts pass several new milestones, the Internal Revenue Service reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their federal tax obli...

Duplicative Expatriate Tax Reporting Requirement The tax compliance process for certain Americans living overseas should be simplified through targeted elimination of certain duplicative reporting requirements, the American Institute of CPAs (AICPA) has recommended in an...

In a decision limiting the ability of the IRS to compel a taxpayer to produce summonsed documents, the Second Circuit vacated and remanded a district court order compelling the defendant, Steven Greenfield, to comply with IRS summonses to produce documents related to his offshore accounts,...

ax News, Journals and Newsletters > Federal Tax > Federal Tax Day - Current > JUDICIARY > J.3, Taxpayer Not Required to Comply with FBAR Reporting for Online Poker Gambling Accounts (Hom, CA-9), (Jul. 29, 2016) A poker player’s accounts at two online poker websites...

By Laura Saunders The Justice Department has begun scrutinizing thousands of U.S. taxpayers' Swiss bank accounts to compare bank information with what the taxpayers have reported to the Internal Revenue Service. Discrepancies between accounts and filings could trigger prosecutions, s...

WASHINGTON—The Internal Revenue Service today reminded taxpayers who have one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by Thursday, June 30. By law, many U.S. taxpayers with forei...

WASHINGTON — The IRS also today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2015, that they may have a U.S. tax liability and a filing requirement in 2016. The IRS encourages taxpayers with foreig...

WASHINGTON – Strong and sustained growth of taxpayers complying with foreign financial account reporting reflects improving awareness and compliance of this important part of offshore tax rules, the Internal Revenue Service said today. "Taxpayers here and abroad need to take their offsh...

WASHINGTON—With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full co...

WASHINGTON—The Internal Revenue Service today reminded everyone who has one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by next Tuesday, June 30. FBAR refers to Form 114, Report of For...

RS reminds taxpayers of important June deadlines for FATCA and FBAR filings IRS reminds taxpayers with overseas accounts of some important dates. The Internal Revenue Service on Wednesday reminded taxpayers with offshore accounts of two important June deadlines related to Foreign Bank ...

WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awar...

All U.S. citizens and residents must report worldwide income on their federal income tax return. If you lived outside the U.S. on the regular due date of your tax return, the extended filing deadline for your 2014 tax return is Monday, June 15, 2015. Similarly, the deadline to report inte...

WASHINGTON — The Internal Revenue Service  today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Ne...

WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. "The recent string of successful enforcement actions against o...

By Robert Barnett, CPA, JD, MS (taxation) and Renato Matos, JD, LLM (taxation) The Foreign Account Tax Compliance Act of 2010 (FATCA) has manifested outside the United States in recent months, as a result of an agreement announced on Aug. 29, 2013, between the U.S. Department of Justice a...

WASHINGTON — Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving in ...

Voluntary Disclosures of Offshore Accounts Reach 43,000, Justice Official Says, (Mar. 19, 2014) Voluntary disclosures of offshore accounts held by U.S. account holders have reached 43,000, Department of Justice (DOJ) Assistant Attorney General (Tax Division) Kathryn Kenneally said on Ma...

Tax News, Journals and Newsletters > Federal Tax > Federal Tax Day - Current > CONGRESS > C.1, Levin, McCain Urge Justice Department to Seek Extradition in Tax Evasion Cases, (Mar. 20, 2014) Senate Homeland Security and Governmental Affairs Permanent Subcommittee o...

The IRS has received some Form 8938 submissions from Domestic Entity filers for TY12. Please be advised that these entities are not required to file Form 8938 for TY12. The IRS anticipates issuing regulations in the future that will require a domestic entity to file Form 8938 if the e...

Weighing the options requires a thorough understanding of risks. BY SCOTT H. NOVAK, ESQ. DECEMBER 2013 CPAs often have clients with an interest in or signature authority over a foreign account. The IRS has emphasized compliance in reporting requirements for U.S. ow...

What is the FBAR? Although many expats fail to acknowledge their obligation to file US taxes while living overseas, there are other filing obligations that expats must be aware of to avoid high penalties and stay 100% compliant with the US government. While the IRS wants tax returns, t...

How to File IRS Form 8938 for Your US Expat Taxes Just when you thought dealing with US expat taxes couldn’t get more complex, along comes another form that some US citizens living abroad must file: IRS Form 8938, Statement of Specified Foreign Financial Assets. New for 2011, the 8938 i...