Timely FBAR Filing Important Following Circuit Court Decisions
Monday, April 5, 2021 Last week the Ninth Circuit issued a win for taxpayers in US v. Boyd, limiting penalties for non-willful violations of the requirement to file a Report of Foreign Bank and Financial Accounts (FBAR). The FBAR requirement applies to all United States persons with interest in or authority over a foreign financial account where the aggregate value of all such accounts is more than $10,000. Jane Boyd, a United States citizen, was required to file an FBAR due to her multiple bank accounts in the United Kingdom but failed to do so in 2010. After voluntarily disclosi...
Source: natlawreview.com