LexisNexis® Legal Newsroom
IRS Issues FBAR Filing Relief, but Certain Filing Obligations Remain

Plan Filers invested in a foreign account, such as a foreign mutual find, should be preparing to file FBAR for 2009 by June 30, 2010 The Internal Revenue Service (IRS) has recently issued several pieces of guidance related to the filing of the Report of Foreign Bank and Financial Accounts, IRS Form...

Sutherland Alert: FinCEN Extends FBAR Filing Deadline for Certain Officers and Employees – Does This Portend Changes?

by Carol Tello, Dwane Dupree, and Robb Chase On May 31, 2011, in FinCEN Notice 2011-1, the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) extended the 2010 Report of Foreign Bank and Financial Accounts (FBAR) filing deadline from June 30, 2011, to June 30, 2012, for...

Caplin & Drysdale International Tax Alert

Caplin & Drysdale, Chartered - International Tax Alert Recent Developments Relating to FBARs and Offshore Voluntary Disclosure Program By Lucy S. Lee and Scott D. Michel Last week was a busy week for the IRS. The IRS has made several important announcements regarding the terms and deadlines...

Additional FBAR Relief for Certain Foreign Financial Account Signatories

by Keith J. Blum , Partner - Boies, Schiller & Flexner LLP On June 16, 2011, the IRS, in Notice 2011-54, further extended the deadline from June 30, 2011, to November 1, 2011, for the filing of the Report of Foreign Bank and Financial Accounts (FBAR) for persons with no financial interest in a...

FBAR Reporting Deadline Looms on June 30th for Many Foreign Account Holders

Now is the time for US persons to complete and file their FBARs for 2010, or to confirm their entitlement to an extended due date (for 2010 or a prior year). By way of background, US persons need to make an annual filing with the Department of the Treasury to report a "foreign financial account"...

August 31 Amnesty Deadline for Indian Bank Accounts

DOJ and IRS Pair Up to Target Indian Off-Shore Bank Accounts at HSBC View Media Anyone with an off-shore bank or brokerage account in India who has not yet reported the account on his or her tax return has until August 31, 2011 to take advantage of a U.S. government-sponsored amnesty program...

McNees Wallace & Nurick LLC: New FBAR Rules Significantly Increase Employee Filings

By Veronica R. Johnson Did you know that if you have a bank account outside of the United States, you may be required to file a Treasury Form 90-22.1 with the U.S. Treasury every year? There are strict penalties in place for those who fail to file this form. Although the regulation is intended to uncover...

NTA Discussion of the Williams Case

The National Taxpayer Advocate's report discussed in the preceding blog has a component titled Most Litigated Issues: Case Advocacy, Appendices, here . In that component, the NTA discussed the Williams case (see report at pp 601 - 603). The discussion is (footnotes omitted): The National Taxpayer...

NTA Discussion of the Williams Case

The National Taxpayer Advocate's report discussed in the preceding blog has a component titled Most Litigated Issues: Case Advocacy, Appendices, here . In that component, the NTA discussed the Williams case (see report at pp 601 - 603). The discussion is (footnotes omitted): The National Taxpayer...

What You Should Know About FBAR Penalty Mitigation

By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial interest in, or signature authority over, one...

Sutherland Legal Alert: FinCEN Extends Due Date for Certain FBAR Filers

By Robb Chase and Amanda Pugh On February 14, 2012, the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) issued Notice 2012-1, which extended the filing deadline for both the 2010 and 2011 Report of Foreign Bank and Financial Accounts (FBARs) to June 30, 2013, for certain...

Reporting Specified Financial Assets and Form 8938

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December 2011 state that, with certain exceptions, Form...

Convictions of Mail Fraud, False Claims and Conspiracy; Use of Offshore Accounts

According to a DOJ Press Release, Curtis Morris and Richard Kellog Armstrong were convicted of "for mail fraud, filing false claims against the United States and conspiracy to file false claims against the United States." "Morris was found guilty of three counts of mail fraud, seventeen...

Convictions of Mail Fraud, False Claims and Conspiracy; Use of Offshore Accounts

According to a DOJ Press Release, Curtis Morris and Richard Kellog Armstrong were convicted of "for mail fraud, filing false claims against the United States and conspiracy to file false claims against the United States." "Morris was found guilty of three counts of mail fraud, seventeen...

Yes, You Filed Your 2011 Income Tax Return, but Did You File Your FBAR?

As June 30 approaches and summer vacation plans are beginning to take shape, you can sit back, relax and be glad that you have already taken care of your 2011 Form TD F 90-22.1 filing responsibility with the Internal Revenue Service (IRS). You did file your Form TD F 90-22.1, right? The Form TD F...

Defendant Waives Attorney-Client Privilege by Asserting Reliance on FBAR Advice Defense

In United States v. Kerr, 2012 U.S. Dist. LEXIS 98836 (D AZ 2012) , a case with two U.S. taxpayers and their lawyer as defendants, the court held that the indicted U.S. taxpayers' claims of reliance constituted a waiver of their attorney-client privilege with respect to communications with their...

Reporting Specified Financial Assets and Form 8938

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December 2011 state that, with certain exceptions, Form...

What You Should Know About FBAR Penalty Mitigation

By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial interest in, or signature authority over, one...

Beanie Babies Billionaire Avoids Prison in Tax Evasion Case

H. Ty Warner, the billionaire creator of Beanie Babies and other plush animal toys, has been sentenced to two years’ probation – not federal prison – for failing to report more than $24.4 million in income, and evading nearly $5.6 million in federal taxes, from millions of dollars he...

Booker Variances are More Common in Tax Crimes. Why? And Do They Disproportionately Benefit the Rich?

Readers of this blog should be familiar with the name Ty Warner. He is the billionaire who cheated on his U.S. taxes big time (the financially big can cheat big) and, in addition, willfully failed to file the FBARs. He pled guilty to a reduced set of charges. He was sentenced to no incarceration. The...

Accountant Sentenced For Tax Crimes; Conduct Included FBAR Violations

The United States Attorney's office has announced the sentencing of "Dennis Duban, a Los Angeles-based accountant and tax return preparer." The press release is here . He was sentenced to 24 months in prison pursuant to his plea for one count of conspiracy to defraud (Klein conspiracy)...

Court Holds Online Poker Accounts are FBAR Reportable

In United States v. Hom , [ enhanced version available to lexis.com subscribers ], 2014 U.S. Dist. LEXIS 77489 (N.D. CA 2014), here , Hom was an online gambler who held accounts at two online poker companies, PokerStars and PartyPoker. He used a financial organization, FirePay.com, to facilitate his...