Tag Archives: FBAR

The 2016 Hom Decision: Do Online Gambling Sites Still Need to be Reported on the FBAR?

Posted on July 27, 2016 by Russ

The Ninth Circuit’s unpublished opinion in United States v. Hom is now up. It’s sort of a misnomer to use the word “published” for an unpublished opinion. Unpublished here means it cannot be cited as a precedent; the court doesn’t … Continue reading →

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Hom Decision Reversed

Posted on July 26, 2016 by Russ

Back in 2014 the US District Court for the Northern District of California held that online gambling accounts are reportable foreign financial accounts for the FBAR. Mr. Hom appealed that decision. Today, the Ninth Circuit Court of Appeals reversed the … Continue reading →

Posted in Gambling | Tagged | 1 Comment

FBAR Deadline Approaches

Posted on June 20, 2016 by Russ

Ten days from today is June 30th. That’s the deadline for filing Form 114, the Report of Foreign Bank and Financial Accounts (the “FBAR”). There are no extensions available. The FBAR is a report. There is no tax to pay. … Continue reading →

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Answering Some FBAR-Related Questions

Posted on June 5, 2016 by Russ

The FBAR–the Report of Foreign Bank and Financial Accounts (Form 114)–is due on June 30th. If you have $10,000 aggregate in one or more foreign financial accounts you must file the FBAR. There are no extensions available. Here are three … Continue reading →

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What FINCEN Should Do Regarding FBAR Filing Dates and 25 or More Accounts

Posted on April 27, 2016 by Russ

On March 1st, FINCEN issued a press release noting that they requested comment regarding a proposal such that individuals with 25 or more foreign financial accounts would have to report the details on those accounts rather than just noting they … Continue reading →

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Bozo Tax Tip #1a: They Shoot Jaywalkers, Don’t They? (Or Ignoring the FBAR!)

Posted on April 15, 2016 by Russ

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 →

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There’s Innocent FBAR Violations, and There’s This

Posted on August 11, 2015 by Russ

It’s one thing when Aunt Sally inherits €8000 in the old country, it sits in the bank for one day, and she then gets the money the next day in the US. Yes she should have filed an FBAR, but … Continue reading →

Posted in Tax Fraud | Tagged | 1 Comment

Deadline Changes for 2016 Tax Returns and 2016 FBAR

Posted on August 2, 2015 by Russ

Congress passed and President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 in late July. That law’s primary function has nothing to do with tax; however, it will have a major impact on entity … Continue reading →

Posted in International, IRS | Tagged | 1 Comment

Does a Nonresident Alien Spouse that Has Elected to be Treated as a US Person Need to File an FBAR?

Posted on June 29, 2015 by Russ

With the FBAR deadline upon us, an interesting question arose: Does a spouse covered by the §1.6013-6 regulation allowing a nonresident alien individual to be treated as a resident need to file an FBAR? Logic says no; the FBAR comes … Continue reading →

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FBAR Due in One Week

Posted on June 23, 2015 by Russ

The Report of Foreign Bank and Financial Accounts (Form 114, the FBAR) is due on June 30th. The form must be electronically filed with FINCEN. Your tax professional may be able to do it through his software (we can) or … Continue reading →

Posted in Gambling, International | Tagged | 1 Comment