FBAR Cases Remain Priority Despite Drop in Investigations

Tax attorney Chad Vanderhoef spoke with Law360 about the lack of knowledge of who needs to complete a Report of Foreign Bank and Financial Accounts (FBAR) and the need to increase these numbers. Mr. Vanderhoef discussed that people facing FBAR filing penalties were often not aware of the requirement and believes that increasing taxpayer education could help combat the issue.

"The unfortunate reality is that many taxpayers facing FBAR penalties did not know of the filing requirement," he said. "And the fact that many return preparers similarly lacked awareness exacerbated the problem."

READ: FBAR Cases Remain Priority Despite Drop in Investigations (Subscription required)