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ARTICLE · 08 MAY 2017

Developing A Strategy To Fight FBAR Penalties

Carlton Fields
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Since 2009, the number of FBAR penalties imposed for failures to report foreign bank accounts and the size of the penalties have both increased dramatically.

United StatesTax
Larry R. Kemm
Larry R. Kemm

Since 2009, the number of FBAR penalties imposed for failures to report foreign bank accounts and the size of the penalties have both increased dramatically.

To ensure that defensive positions against the assessment of FBAR penalties are preserved and optimized, a proper strategy for an account holder's case must be developed.

This article discusses the strategic considerations involved in mounting a defense to FBAR penalties based on a claim of a violation of the Administrative Procedure Act.

EXECUTIVE SUMMARY

  • The Financial Crimes Enforcement Network has delegated to the IRS enforcement authority for the foreign bank account reporting rules, including the assessment of penalties for violations of the rules.

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