FBAR Latest Developments
Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR) – usually a relatively obscure report on which U.S. persons must report a financial interest in, or signatory authority over, one or more financial accounts with an aggregate value greater than $10,000 – has become front-page news, particularly in view of the recent high-profile taxpayer victory in the Bittner v. United States case. In a huge win for taxpayers, the U.S. Supreme Court held that the FBAR $10,000 non-willful penalty is computed on a per form and not a per account basis.
FBAR cases also are appearing regularly in tax publications because of the aggressive stance the U.S. Department of Justice (DOJ) has taken in prosecuting taxpayers who do not comply with FBAR filing requirements.
In this webinar, tax attorneys Andrea Darling de Cortes, James Dawson, Chad Vanderhoef and Alan Granwell discussed the latest FBAR trends and developments.
Topics covered:
- general background on reasons for FBAR reports, filing requirements and penalties – non-willful and willful
- a brief review of Bittner v. United States
- how courts interpret "willful" for FBAR violation purposes
- how the Administrative Procedure Act (APA) can be used in FBAR litigation defense
- the Eighth Amendment challenge to the size of FBAR penalties
- the Aroeste v. Comm'r of Internal Revenue case – can income tax treaties provide an escape hatch/defense from FBAR filings for treaty tiebreaking green card holders?
Duration: 1:32:13