201712.10
1

Delinquent FBAR (2018) – Foreign Accounts & Offshore Disclosure

Delinquent FBAR (2018) – Foreign Accounts & Offshore Disclosure Filing the FBAR when you have Foreign Accounts is a very important aspect of IRS International Tax Compliance. Why?  Because the penalties that the IRS can issue for non-filing, or improper delinquent filing and reporting of foreign bank accounts far exceed anything you could have ever…

201711.05
0

FBAR Offshore Penalty of $14M – Tax Scam from Korea to Switzerland

FBAR Offshore Penalties Over the past week, we received numerous inquiries as a result of a recent $14 million penalty (and potential prison time) that was issued against a South Korean citizen who was a Legal Permanent Resident of the United States (Connecticut). (Partner Jenny Golding is originally from South Korea and we represent numerous clients…

201710.08
0

FBAR Penalty Collection – IRS Lien, Levy, Seizure & Passport Revocation

IRS FBAR Penalties IRS FBAR Penalties are burdensome, unfair and oftentimes far exceed the actual violation (Read: who really cares if Michelle forgot to report her foreign accounts and interest income earned in Portugal?)  FBAR Reporting Filing a FBAR is no fun. If you happen to have foreign accounts, and due primarily to the enforcement of FATCA…

201709.19
0

How are Penalties Calculated for FinCEN 114 Violations (2018)

How are Penalties Calculated for FinCEN 114 Violations (2018) Trying to calculate FBAR penalties is a crapshoot, and the IRS Guidance on Legal Standards for the FBAR Penalty is burdensome at best. The FBAR is the Report of Foreign Bank and Financial Account form. It is a form required to be filed annually by U.S….

201705.01
0

FBAR Penalty Mitigation – Strategies to Reduce IRS Penalties

FBAR Penalty Mitigation FBAR Penalties represent a major part of our IRS Offshore Voluntary Disclosure practice. FBAR Penalties, including various threshold requirements, including Intent, Willfulness, Willful Blindness, or Reckless Disregard. While we have authored several articles and blog postings on issues involving FBAR penalties, FBAR Filings, and FBAR Frequently Asked Questions (FAQ), we feel that by providing…