Missing any deadline is stressful. But missing a tax deadline is more so. Per the Bank Secrecy Act (Title 31 of the U.S. Code), certain taxpayers must file so-called FBARs (currently FinCEN Form ...
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 ...
The U.S. Supreme Court Building in Washington, D.C., is the seat of the Supreme Court of the United States and the Judicial Branch of government. (Photo by Robert Alexander/Getty Images) Alexandru ...
A Florida jury handed the estate of a Texaco heiress, Lavern N. Gaynor, an $18 million Valentine’s Day boon by deciding that her failure to timely file report of foreign bank and financial accounts ...
Delinquent FBAR Filings: If you have no unreported income and are not under an IRS audit or criminal tax investigation, you may submit delinquent FBARs (FinCEN Form 114) along with a brief explanation ...
IRVINE, Calif., Dec. 6, 2024 /PRNewswire/ -- The Foreign Bank Account Report (FBAR) is a critical compliance requirement under the Bank Secrecy Act (BSA), aimed at combating tax evasion and money ...
IRVINE, Calif., Feb. 23, 2023 /PRNewswire/ -- Monica Toth was granted a Swiss bank account by her father, a successful businessman. When it was found that she willfully failed to comply with FBAR ...
The FBAR is an annual disclosure of overseas financial holdings mandated under the Bank Secrecy Act (BSA). It aims to prevent money laundering, terrorist financing, and tax evasion by requiring a ...
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