Tax Law

Recent Posts

Accountant Sentenced For Tax Crimes; Conduct Included FBAR Violations
Posted on 24 Jun 2014 by Jack Townsend

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... Read More

Court Holds Online Poker Accounts are FBAR Reportable
Posted on 26 Jun 2014 by Jack Townsend

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... Read More

Reporting Specified Financial Assets and Form 8938
Posted on 18 Dec 2012 by Neil Aragones

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... Read More

What You Should Know About FBAR Penalty Mitigation
Posted on 18 Dec 2012 by Karen Yip

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... Read More

What You Should Know About FBAR Penalty Mitigation
Posted on 1 Mar 2012 by Karen Yip

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... Read More

Convictions of Mail Fraud, False Claims and Conspiracy; Use of Offshore Accounts
Posted on 2 May 2012 by Jack Townsend

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... Read More

Sutherland Legal Alert: FinCEN Extends Due Date for Certain FBAR Filers
Posted on 1 Mar 2012 by Sutherland Asbill & Brennan LLP

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... Read More

NTA Discussion of the Williams Case
Posted on 12 Jan 2012 by Jack Townsend

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... Read More

Defendant Waives Attorney-Client Privilege by Asserting Reliance on FBAR Advice Defense
Posted on 23 Jul 2012 by Jack Townsend

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... Read More

Booker Variances are More Common in Tax Crimes. Why? And Do They Disproportionately Benefit the Rich?
Posted on 12 Jun 2014 by Jack Townsend

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... Read More

Reporting Specified Financial Assets and Form 8938
Posted on 3 Apr 2012 by Neil Aragones

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... Read More

What You Should Know About FBAR Penalty Mitigation
Posted on 1 Mar 2012 by Karen Yip

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... Read More

Defendant Waives Attorney-Client Privilege by Asserting Reliance on FBAR Advice Defense
Posted on 23 Jul 2012 by Jack Townsend

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... Read More

McNees Wallace & Nurick LLC: New FBAR Rules Significantly Increase Employee Filings
Posted on 10 Aug 2011 by McNees Wallace & Nurick LLC

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... Read More

NTA Discussion of the Williams Case
Posted on 12 Jan 2012 by Jack Townsend

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... Read More