Tag Archives: FBAR

FBAR Filing Follies

Posted on August 18, 2014 by Russ

Joe Kristan reported last week that you cannot use Adobe Acrobat to file the FBAR; you must use Adobe Reader. In fact, if you have Adobe Acrobat installed on your computer and use Adobe Reader it won’t work either. Well, … Continue reading →

Posted in FINCEN | Tagged | 1 Comment

The Hom Decision and the Past (2008 – 2012)

Posted on August 17, 2014 by Russ

Back in June, a federal district court ruled in United States v. Hom that foreign online gambling accounts are reportable for FBAR purposes. An obvious question is what does this mean for prior years. First, these are just my thoughts. … Continue reading →

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FBAR Deadline Is June 30th, but It’s Not a Midnight Deadline

Posted on June 26, 2014 by Russ

Almost every tax deadline is a postmark deadline. If your return is postmarked by midnight of the deadline day it’s considered timely filed. If you file it electronically, and it’s filed by midnight, it’s timely. Of course, with every rule … Continue reading →

Posted in FINCEN | Tagged | 3 Comments

Online Gambling Addresses (Updated for 2014)

Posted on June 22, 2014 by Russ

Note: This list has been superseded by the 2015 list. You can find it here. With the United States v. Hom decision, we must again file an FBAR for foreign online gambling sites. An FBAR (Form 114) is required if … Continue reading →

Posted in Gambling | Tagged | 1 Comment

Just File the FBAR

Posted on June 18, 2014 by Russ

Several of our clients have asked, “The decision on poker accounts being ‘banks’ is nonsensical. Do I really have to file an FBAR for those accounts?” I am in general agreement with the individuals questioning the ruling. Banks and financial … Continue reading →

Posted in FINCEN, Gambling | Tagged | 5 Comments

More on the Hom Decision

Posted on June 9, 2014 by Russ

Jack Townsend of the Federal Tax Crimes Blog has a post on United States v. Hom today. In his post, he notes that Mr. Hom represented himself. Indeed, the court is still looking for a pro bono counsel to represent … Continue reading →

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Back to the Past: Poker Sites and FBARs. Poker Sites Are Again Reportable Foreign Financial Accounts

Posted on June 5, 2014 by Russ

Back in the past, I asked the FBAR group at the IRS whether or not poker sites needed to be reported. In January 2009, they told me they did have to be reported. In prior years, the FBAR group said … Continue reading →

Posted in Gambling, IRS | Tagged | 2 Comments

The FBAR Has Changed

Posted on October 3, 2013 by Russ

Tax professionals can now file FBARs (Form TD F 90-22.1) for clients. We have to have our client sign Form 114a authorizing the preparer to efile the FBAR. Today, when I went to file an FBAR for a client, I … Continue reading →

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I Haven’t Filed my FBAR. What Should I Do?

Posted on July 7, 2013 by Russ

It’s July 7th, and you suddenly realize that you haven’t filed your FBAR. You print it up, and have a letter of explanation, but: You can’t file an FBAR using paper (it must be electronically filed using the BSA efile … Continue reading →

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Mandatory efiling of FBARs Effective July 1st

Posted on June 28, 2013 by Russ

Effective July 1st, all FBARs–Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts–must be efiled. You must use the BSA efile system to efile FBARs. This includes amended FBARs. (One exception would appear to be individuals coming into … Continue reading →

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