In what is potentially a landmark lawsuit regarding the reporting of offshore accounts and assets to the IRS through FBAR and other forms, a Swiss man has filed a lawsuit against the IRS disputing "willful" versus "non-willful" behavior. It is interesting to note that this man, Bernhard Gubser, left one...
Quiet FBAR Disclosures Are Not What the IRS is Looking For
The IRS has been quite clear in recent publications that a "quiet" disclosure of offshore bank accounts and assets not previously reported on appropriate FBAR or Form 8938 is not enough to come into compliance. The OVDP is the option that presents the least risk to US taxpayers. The two...
Willful Versus Non-Willful Designation Left Intentionally Vague by IRS?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, December 3, 2015. We are often asked for a definition of "willful" versus "non-willful" activity by a US taxpayer as it relates to the disclosure of offshore assets, accounts and interests. The exact criteria for...
US Expatriates and Foreign Nationals Living and Working in the US Should Pay Close Attention to FBAR This Year
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, June 11, 2014. The Foreign Bank Account Report or FBAR is due June 30, and we are advising US expatriates, and all those with foreign accounts or assets to carefully consider the information they are...
US Taxpayers Need To Carefully Consider Claiming “Non-Willful” Conduct on OVDP Applications
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, July 9, 2014. US resident taxpayers and US expatriates need to exercise caution when considering a claim of non-willful conduct during OVDP submissions to the IRS. The IRS has clearly communicated that it intends to...
California Swiss Account Holders Will Be Required to Update FBARs with Previously Undisclosed Account Data
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Friday, May 16, 2014. Californians who have previously not reported assets and accounts they had secreted in Swiss institutions will be required to file amended Foreign Bank Account Reports, or FBARs with the IRS. The deadline...
If You Have Any Property or Assets Offshore Then June 30 is a Date You Should Have Circled in Red
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, May 12, 2014. June 30 is an important deadline for any US citizen or foreign national working in the US that has any real property, assets or financial accounts outside of the United States. You...
How Can You Reduce Penalties for Under-Reporting FBAR or Foreign Accounting with IRS from 27.5% to 5%?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, June 25, 2014. The good news is that the IRS has released new streamlined guidelines for the OVDP that provide an opportunity for resident US taxpayers to reduce penalties for non-reported or under-reporting on the...
If You Have (or Should Have) Filed an FBAR with the IRS over the Past 8 Years You Need to Read This
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, June 30, 2014. If you have filed an FBAR with the IRS over the past 8 years, or had any foreign asset or account in that period and did not fully disclose it to the...