FBAR Deadline Automatic Extension

- By : Parag Patel

…year, each annual FBAR must be filed with FInCen by April 15th. This change to an April 15th FBAR filing date was designed to match the FBAR filing date with…

Top 4 Exceptions to FBAR Filing Requirement

- By : Parag Patel

FBARs are due this week (again). Below are the top 4 exceptions we often see for the FBAR filing requirement. Certain Accounts Jointly Owned by Spouses – the spouse of…

Unfiled FBAR Penalties Survive Death

- By : Parag Patel

…determined that the FBAR civil nonwillful penalty was remedial, which survives death and becomes an estate liability. Many cases in the past have held that the FBAR willful penalty, which…

Argue for No Penalty and a Warning Letter for FBAR Violations

- By : Parag Patel

…account is inherited and how the taxpayer treated other inherited accounts. Under IRM 4.26.16.4 (FBAR Penalties) (07-01-2008) whenever there is an FBARviolation, the examiner will either issue the FBAR warning…

IRS delinquent FBAR submission procedure

- By : Parag Patel

…should file the delinquent FBARs according to the FBAR instructions. Follow these steps to resolve delinquent FBARS Review the instructions Include a statement explaining why you are filing the FBARs…

Delinquent FinCen Form 114 (FBAR) Filings

- By : admin

…issue: IRS delinquent FBAR submission procedure: The IRS offers a new “delinquent FBAR submission procedure”, which is available if you properly reported on your U.S. tax returns, and paid all…

New Online System for Filing Your Report of Foreign Bank and Financial Accounts (FBAR)

- By : Parag Patel

…file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The FBAR due date for the 2010 calendar year…

FBAR compared to Form 8938: Differences, Which to File, When to File, etc.

- By : Parag Patel

We receive many client queries regarding FBAR and Form 8938. If you are a U.S. person and you have assets and accounts in a foreign country, you may need to…

FBAR Reporting Season is here

- By : Parag Patel

…form). If you have been filing an FBAR form in prior years, please note that FinCEN Form 114 supersedes TD F 90-22.1 (the FBAR form that was used in prior…

New Webinar: Resolving International Tax Compliance Disputes: FBAR Controversy, Penalties, Appeals, Form 3520/3520-A, Form 5471

- By : Parag Patel

I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “Resolving International Tax Compliance Disputes: FBAR Controversy, Penalties, Appeals, Form 3520/3520-A, Form 5471”…

Upcoming live video webinar: “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets”

- By : Parag Patel

I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets” scheduled for Wednesday,…

A Lesson to be Learned from US v. Schwarzbaum: Bring Back the Foreign Funds to Pay FBAR Penalties

- By : Parag Patel

…gifts were deposited into Swiss bank accounts which were controlled by Schwarzbaum. Thereafter, Schwarzbaum did not timely file his FBARs for said foreign accounts and a willful FBAR penalty case…

The Misunderstood Extension of time to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)

- By : Parag Patel

…now have until October 16 to submit their FBARs for 2016 without being subject to penalties. There is no specific FBAR extension document or form that is required to be…

Significant FBAR Penalties Upheld by Court

- By : Parag Patel

…maximum penalty for willful non-filing of an FBAR and must pay $700,000 for her ‘reckless disregard’ of her duty. The court opinion makes the FBAR willful penalty a strict liability…

FBAR Deadline Extended to December 31, 2021

- By : Parag Patel

The Financial Crimes Enforcement Network (FinCEN) today issued a notice extending the filing date of Reports of Foreign Bank and Financial Account (FBARs) for victims of recent natural disasters, including…

Another foreign bank customer found guilty of foreign income under-reporting and FBAR violations.

- By : Parag Patel

…his foreign income and one count of failing to file a Report of Foreign Bank and Financial Accounts (FBAR). It appears that he was not convicted for most of the…

Top FBAR Reporting Error

- By : Parag Patel

The most common FBAR reporting mistake is simply failing to file. Some U.S. persons continue to deliberately conceal assets in secret offshore bank accounts in the hope of evading U.S….

IRS FBAR Penalties Are Now Unmitigated

- By : Parag Patel

The Internal Revenue Service will no longer reduce the penalty for taxpayers who non willfully fail to file Reports of Foreign Bank and Financial Accounts (FBAR or FinCen 114), according…

Difference between Form 8938 and FBAR Requirements

- By : Parag Patel

Comparison of Form 8938 and FBAR Requirements     Many holders of foreign financial assets must file two disclosure forms this year or else risk draconian penalties. They are Form…

FBAR Deadline Slightly Extended

- By : Parag Patel

After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network…

Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income

- By : Parag Patel

I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting,…

Comparison of Form 8938 and FBAR Requirements

- By : Parag Patel

…each form for which they meet the relevant reporting threshold.   Form 8938, Statement of Specified Foreign Financial Assets FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)…

FBAR statute of limitations court case ruling

- By : Parag Patel

…Bank Account Reporting, or FBAR forms from 2006 through 2008. The court held that the Internal Revenue Service could not go back beyond the general three-year limitations period. FBAR requirements…

Reasonable Cause Defense Denied: FBAR Penalties Assessed by Court

- By : Parag Patel

…favor of the government to collect FBAR penalties for the non-willful failure to file FBARs to timely report foreign bank accounts. Agrawal represented himself, without legal counsel in court, which…

Form 8938, FATCA, FBAR and penalties for all (including bankers)

- By : Parag Patel

…assets. FATCA created Form 8938, an additional foreign account reporting requirement over and above the Report of Foreign Bank and Financial Accounts (FBAR) or Form TD F 90-22.1 that needs…

US Supreme Court to Rule on FBAR Penalties Case

- By : Parag Patel

The debate over FBAR penalties for non-willful failure to disclose all of an individual’s or business’ foreign bank accounts has reached the Supreme Court. The issue is whether the maximum…

FBAR Deadline is June 28, 2013

- By : Parag Patel

…the postmark to establish timely filing. Significant penalties apply to taxpayers who fail to timely fail their FBAR. This will be the last year individuals may file paper FBARs. Beginning…

Taxpayers Advised to Use Caution: Confirmed FBAR Information Request Scam

- By : Parag Patel

Our firm has become aware of a “phishing” scam, related to the filing of Report of Foreign Bank and Financial Accounts (FBAR). Under the scam, taxpayers receive an email notice,…

Another Taxpayer Found Guilty of Failure to File FBARs and Report Foreign Income

- By : Parag Patel

…is more than $10,000, they are required to file a Report of Foreign Bank and Financial Accounts, Form TD F90-22.1 (FBAR). According to the indictment, Mukhi failed to disclose the…

IRS Issues Reminders for FBARs and other International Requirements

- By : Parag Patel

…Accounts (FBAR) is now the same as for a federal income tax return. This means that the 2016 FBAR, Form 114, must be filed electronically with the Financial Crimes Enforcement…