Tag Archives: FBAR

FBAR Non-Willful Penalty Is Per Report, Not Per Account

Let’s assume you have a non-willful violation of filing the FBAR (Form 114, the Report of Foreign Bank and Financial Accounts).  Is the maximum penalty ($10,000) per account or per report?  The Circuit Courts of Appeal had split on this … Continue reading

Posted in FINCEN, International, IRS, Supreme Court | Tagged | Comments Off on FBAR Non-Willful Penalty Is Per Report, Not Per Account

Online Gambling and Cryptocurrency Addresses for 2023

[This list has been superceded by the 2024 list.] If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2022, you must file the Report of Foreign Bank and … Continue reading

Posted in Cryptocurrencies, Gambling, International | Tagged | Comments Off on Online Gambling and Cryptocurrency Addresses for 2023

FINCEN Gives FBAR Filing Relief for Individuals Impacted by Hurricane Ian

FINCEN announced today that they are following the IRS and giving relief to taxpayers impacted by Hurricane Ian: FinCEN announced today that victims of Hurricane Fiona in Puerto Rico; Hurricane Ian in Florida, North Carolina, and South Carolina; and storms … Continue reading

Posted in FINCEN | Tagged , | Comments Off on FINCEN Gives FBAR Filing Relief for Individuals Impacted by Hurricane Ian

Is It One Penalty of $10,000 or Multiple Penalties of $10,000?

Suppose you are a resident of a foreign country–say, Romania–and you have foreign financial accounts.  You need to file the FBAR (Report of Foreign Bank and Financial Accounts) to tell the Financial Crimes Enforcement Network (FINCEN) what foreign accounts you … Continue reading

Posted in International, Supreme Court | Tagged | Comments Off on Is It One Penalty of $10,000 or Multiple Penalties of $10,000?

Bozo Tax Tip #4: They Shoot Jaywalkers, Don’t They?

I have, unfortunately, become quite competent in the Report of Foreign Bank and Financial Accounts. That form is better known as the FBAR. It used to have the form number TD F 90-22.1 (yes, it really did) but now goes … Continue reading

Posted in FINCEN | Tagged , | Comments Off on Bozo Tax Tip #4: They Shoot Jaywalkers, Don’t They?

Online Gambling and Cryptocurrency Addresses for 2022

[This listing has been replaced by the 2023 listing.] If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and … Continue reading

Posted in Cryptocurrencies, FINCEN, Gambling, International | Tagged | Comments Off on Online Gambling and Cryptocurrency Addresses for 2022

IRS Reminds Taxpayers of April FBAR Deadline. So What!

The IRS sent out a press release this morning noting the FBAR deadline remains April 15th.  The FBAR is the Report of Foreign Bank and Financial Accounts (FinCEN Form 114), and must be filed if you have $10,000 aggregate in … Continue reading

Posted in FINCEN, IRS | Tagged , | Comments Off on IRS Reminds Taxpayers of April FBAR Deadline. So What!

Clarity on Whether Cryptocurrency Must be Reported on the FBAR

A vexing question has been whether or not foreign cryptocurrency exchanges must be reported on the FBAR. At a conference in 2019, a representative from FINCEN said no; however, the instructions on the FBAR imply they should be reported. At … Continue reading

Posted in Cryptocurrencies, FINCEN, International | Tagged | Comments Off on Clarity on Whether Cryptocurrency Must be Reported on the FBAR

Forgot to File the FBAR? A Typo Gives You Two More Weeks

The FBAR (Report of Foreign Bank and Financial Accounts) was effectively due last Thursday, October 15th. FINCEN (the Financial Crimes Enforcement Agency) issued an extension (the notice was released on October 6th) for those impacted by the recent natural disasters … Continue reading

Posted in FINCEN, International | Tagged | Comments Off on Forgot to File the FBAR? A Typo Gives You Two More Weeks

Just File the FBAR

One week from today is the tax filing deadline. It’s also the effective deadline for filing the Report of Foreign Bank and Financial Accounts, FINCEN Form 114; that’s the form that’s better known as the FBAR. The FBAR is part … Continue reading

Posted in FINCEN, Gambling, International | Tagged | Comments Off on Just File the FBAR