Our offices have handled many cases recently of foreign nationals and spouses with offshore accounts and assets who were not aware of their IRS FBAR reporting requirements. Unfortunately ignorance of IRS FBAR reporting is not a defense and the IRS is ruthlessly pursuing huge penalties and interest for those who...
What are Willful Conduct and Willful Blindness in IRS FBAR Audits
What are willful conduct and willful blindness in IRS FBAR audits and court cases? It is important to begin with an understanding regarding IRS FBARs and when they are required. Any US taxpayer who has offshore bank or investment accounts (outside the United States) is required to prepare and file an...
Are You a Foreign National Living and Working in San Diego
Are you a foreign national living and working in San Diego? Have you come into the US on an H1-B or other Visa? It is important for all foreign nationals who reside in the US for more than a few months to understand their obligations under US tax laws. One...
Failure to Comply with IRS FBAR Reporting Requirements Part of Manafort Indictment
The failure to comply with IRS FBAR reporting requirements was part of the recent Manafort indictment, but it doesn't just apply to the wealthy or powerful. The failure to fully and accurately disclose offshore bank accounts, investments, assets and real property is a challenge for many US taxpayers, and the...
What is Willful Blindness in IRS FBAR Cases?
What is willful blindness in IRS FBAR cases and how is the IRS attempting to use this to make non-willful FBAR violators appear to be willful? Why would this matter? The legal standard of "willful or non-willful" is an important distinction, especially as it relates to FBAR violations and penalties. ...
Jan Allen Speaks on a National IRS FBAR Panel Tomorrow
Jan Allen speaks on a national IRS FBAR panel tomorrow at 12:30 pm pacific time, 3:30 pm eastern. The topic of the expert panel discussion is "Willfulness and the IRS Disclosure Programs. Are you Compliant?" The program will answer the questions of US taxpayers and foreign nationals who live and...
US Court of Appeals Upheld Requirement for IRS FBAR Reporting
The Sixth District of the US Court of Appeals upheld requirement for IRS FBAR reporting recently. The decision affirmed the actions of a US District Court which dismissed a complaint which challenged FATCA and the requirement to come into compliance with IRS FBAR disclosures. The lawsuit sought to prohibit...
The Process of Understanding IRS FBAR Compliance
There are still many US taxpayers who are in the process of understanding IRS FBAR compliance and the genuine risk their activities (or lack of compliance) will come to light. A US taxpayer, include all citizens and those who work or live for more than six months and one day...
IRS FBAR Reporting Notes and Caution Regarding Streamlined Application Filings
Recently released IRS FBAR reporting notes detailed some interesting facts regarding FBAR filings since the program's inception in 2007. In 2007 the IRS received 332,000 FBARs compared to more than 1 million FBAR reports for tax year 2015. The IRS noted it has charged hundreds with tax evasion and willful...