A district court in Texas has dismissed a lawsuit filed by the Justice Department to collect an FBAR penalty, concluding for the first time that the Internal Revenue Service’s administrative
Continue Reading Texas Court Arms Taxpayers with a Powerful New Defense to FBAR Penalty LawsuitsFBAR: The Eleventh Circuit Holds That Willful FBAR Penalties are Subject to the Eighth Amendment Creating Circuit Split
Introduction
For years, FBAR litigants have made the commonsense argument that large willful FBAR penalties, which can exceed the value of the unreported foreign accounts themselves, violate the excessive fines
Continue Reading FBAR: The Eleventh Circuit Holds That Willful FBAR Penalties are Subject to the Eighth Amendment Creating Circuit Split
U.S. Supreme Court Rules Against Government in FBAR Penalty Case
The U.S. Supreme Court has ruled that the $10,000 penalty for a nonwillful violation of the foreign bank account reporting rules in the Bank Secrecy act applies on a “per-form” basis, not a “per-account” basis, handing individuals an important victory.
Continue Reading U.S. Supreme Court Rules Against Government in FBAR Penalty Case
US Supreme Court to Settle Long-Disputed FBAR Penalty Issue
Matthew D. Lee authored the Bloomberg Tax article, “US Supreme Court to Settle Long-Disputed FBAR Penalty Issue.” View the full article.
Continue Reading US Supreme Court to Settle Long-Disputed FBAR Penalty IssueUS Supreme Court to Review Non-willful FBAR Penalty
The U.S. Supreme Court has agreed to resolve a dispute concerning the maximum applicable penalty for non-willful violations of the foreign bank account reporting statute. The Ninth and Fifth circuit
Continue Reading US Supreme Court to Review Non-willful FBAR PenaltyFinCEN Clarifies FBAR Deadline Confusion
On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website. The message incorrectly stated there was a new filing extension until December 31,
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FinCEN Extends FBAR Deadline to December 31 for Victims of Recent Natural Disasters
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has announced that victims of the California Wildfires, the Iowa Derecho, Hurricane Laura, the Oregon Wildfires, and Hurricane Sally have until December
Continue Reading FinCEN Extends FBAR Deadline to December 31 for Victims of Recent Natural Disasters
FinCEN Grants Further Extension of FBAR Deadline for Certain Financial Professionals
On December 4, 2018, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for Report of Foreign Bank and Financial Accounts (FBAR) filings for certain
Continue Reading FinCEN Grants Further Extension of FBAR Deadline for Certain Financial Professionals
Transparency Tide or Tsunami? The New Wave of Global Reporting Rules and IRS Tools To Unearth Foreign Financial Accounts
On December 12, 2018, Matthew D. Lee will participate in a ABA Tax Section webinar entitled “Transparency Tide or Tsunami? The New Wave of Global Reporting Rules and IRS Tools
Continue Reading Transparency Tide or Tsunami? The New Wave of Global Reporting Rules and IRS Tools To Unearth Foreign Financial Accounts
Despite Closure of OVDP, Offshore Tax Evasion Crackdown Marches On
On September 29, 2018, the Internal Revenue Service closed for good the long-running Offshore Voluntary Disclosure Program (OVDP), its hugely successful tax amnesty program for undisclosed offshore financial assets. Since
Continue Reading Despite Closure of OVDP, Offshore Tax Evasion Crackdown Marches On