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
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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
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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
Internal Revenue Service Reminds Taxpayers to Report Offshore Bank Accounts on FBAR Form
The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore
Continue Reading Internal Revenue Service Reminds Taxpayers to Report Offshore Bank Accounts on FBAR Form
Offshore Tax Evasion Rounds Out IRS Annual “Dirty Dozen” for 2018
The Internal Revenue Service has issued a warning to taxpayers about avoiding taxes by hiding money or assets in unreported offshore accounts, a tax scam that remains on the annual
Continue Reading Offshore Tax Evasion Rounds Out IRS Annual “Dirty Dozen” for 2018
Offshore Accountholders Beware: New DOJ Sentencing Policy for FBAR Cases Is a Game-Changer
The Justice Department’s Tax Division has recently announced a major policy shift that will invariably result in longer jail sentences for individuals convicted of failing to report their offshore bank
Continue Reading Offshore Accountholders Beware: New DOJ Sentencing Policy for FBAR Cases Is a Game-Changer