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FBARs

Senator and others’ challenge to foreign account reporting regime dismissed

Senator and others’ challenge to foreign account reporting regime dismissed

Crawford, et al, v. Dept. of the Treasury, et al, (4/26/2016 DC OH) 117 AFTR 2d ¶2016-650 A district court has dismissed a suit brought by Senator Rand Paul (R-KY) and several individual plaintiffs challenging the Foreign Account Tax Compliance Act (FATCA) and Foreign Bank Account Report (FBAR) requirements. The court found that Senator Paul’s […]

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Tax Court – FBAR civil penalties aren’t taken into account in $2 million whistleblower threshold

Tax Court – FBAR civil penalties aren’t taken into account in $2 million whistleblower threshold

Whistleblower 22716-13W, (2016) 146 TC No. 6 The Tax Court has concluded that penalties for failing to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (Foreign Bank Account Report or FBAR) under 31 U.S.C. sec. 5321(a) are not “additional amounts” for purposes of the $2,000,000 nondiscretionary award threshold under Code Sec. […]

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Proposed regs would modify FBAR filing rules for financial professionals

Proposed regs would modify FBAR filing rules for financial professionals

FinCEN news release, “FinCEN Proposes Revising FBAR Rules for Certain Financial Professionals” (Mar. 1, 2016). FinCEN Notice of proposed rulemaking, Amendment to the Bank Secrecy Act Regulations — Reports of Foreign Financial Accounts. The Financial Crimes Enforcement Network (FinCEN) has issued proposed regs that would clarify and revise certain rules relating to the filing of […]

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IRS corrects Notice announcing changes to withholding and FATCA regs

IRS corrects Notice announcing changes to withholding and FATCA regs

Notice 2016 – 08, Timing of Submitting Preexisting Accounts and Periodic Certifications; Reporting of Accounts of Nonparticipating FFIs; Reliance on Electronically Furnished Forms W – 8 and W – 9. To reduce a number of compliance burdens, IRS announced in Notice 2016-8 that it intended to amend several regs with respect to chapters 3 (withholding […]

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IRS will amend nonresident, etc. withholding and FATCA regs to reduce compliance burdens

IRS will amend nonresident, etc. withholding and FATCA regs to reduce compliance burdens

Notice 2016-8, 2016-6 IRB In a Notice, IRS has announced that it intends to amend several regs with respect to chapters 3 (withholding of tax on nonresident aliens and foreign corporations) and 4 (the Foreign Account Tax Compliance Act; FATCA) of the Code to reduce a number of compliance burdens. Prior to the issuance of […]

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U.S. House tax writer pushes 2016 tax reform on foreign earnings

U.S. House tax writer pushes 2016 tax reform on foreign earnings

WASHINGTON (Reuters) – The U.S. House of Representatives’ top tax writer wants a vote this year on legislation moving the United States to a territorial-style tax system aimed at exempting the earnings of American companies abroad from U.S. taxation. International tax reform should be tackled as the first step toward a bigger rewrite of the […]

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Updated FATCA FAQs Clarify Branch and Disregarded Entity Registration Requirements

Updated FATCA FAQs Clarify Branch and Disregarded Entity Registration Requirements

IRS has recently updated its list of frequently asked questions (FAQs) to clarify branch and disregarded entity (DRE) registration requirements under the Foreign Account Tax Compliance Act (FATCA). In general, unless a specific exception applies, a branch must register as a branch of its owner, rather than as a separate entity. IRS also provides instructions […]

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Washington Alert – TIGTA faults ITIN procedures; Applications open for ACT; IRS Reference Guide updated on FBARs; US & Turkey sign FACTA agreement

Washington Alert – TIGTA faults ITIN procedures; Applications open for ACT; IRS Reference Guide updated on FBARs; US & Turkey sign FACTA agreement

A Treasury Inspector General for Tax Administration (TIGTA) audit released on Aug. 6 found that IRS’s Individual Taxpayer Identification Number (ITIN) application processes and procedures do not ensure that documents certified by a foreign issuing agency are authentic. (Audit Report No. 2015-40-038) An ITIN is issued to individuals who are required to have a Taxpayer […]

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IRS sheds light on when incoming and outgoing FATCA information becomes confidential

IRS sheds light on when incoming and outgoing FATCA information becomes confidential

Legal Advice Issued by Associate Chief Counsel 2015-005 In a redacted Legal Advice Issued by Associate Chief Counsel, IRS has given its opinion on the exact moment when information that it provides to, and information it receives from, foreign tax authorities and other parties pursuant to the Foreign Account Tax Compliance Act (FATCA), becomes protected […]

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Another Circuit says IRS can compel production of foreign bank records

Another Circuit says IRS can compel production of foreign bank records

Chabot, (CA 3 7/17/2015) 116 AFTR 2d ¶ 2015-5060 The Court of Appeals for the Third Circuit, affirming a district court decision, has held that the “required records” exception to the Fifth Amendment privilege against self-incrimination applies to allow IRS to summon foreign bank account records. This is the same conclusion arrived at by the […]

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District Court holds IRS FBAR penalty conduct was capricious, so late payment interest and penalty voided

District Court holds IRS FBAR penalty conduct was capricious, so late payment interest and penalty voided

Moore, (DC VA 7/24/2015) 116 AFTR 2d ¶ 2015-5094 A district court has held that IRS’s conduct in assessing penalties for a taxpayer’s failure to file FBARs (Report of Foreign Bank and Financial Account) with respect to his foreign account was arbitrary and capricious, in violation of the Administrative Procedures Act (APA). As a result, […]

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Reminder: Report Foreign Bank and Financial Accounts by June 30

Reminder: Report Foreign Bank and Financial Accounts by June 30

IR 2015-92 IRS has issued a reminder that the due date for filing 2014 Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is Tuesday, June 30. Background. U.S. citizens and resident aliens are legally required to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, […]

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New guidance explains how certain taxpayers can file delinquent FBARs without penalty

New guidance explains how certain taxpayers can file delinquent FBARs without penalty

IRS has provided procedures for filing a delinquent Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114, previously Form TD F 90.22.1), without penalty, by taxpayers that use neither the Offshore Voluntary Disclosure Program (OVDP) nor the Streamlined Filing Compliance Procedures. Background. The Bank Secrecy Act (BSA) gave the Treasury Department authority to […]

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Washington Alert – Tax Refund Fraud, DOJ and 2 more banks in Swiss Bank Program; US & Romania sign IGA; IRS Nationwide Tax Forums

Washington Alert – Tax Refund Fraud, DOJ and 2 more banks in Swiss Bank Program; US & Romania sign IGA; IRS Nationwide Tax Forums

Declaring the prevention of tax refund fraud “an area with room for vast improvement,” the bipartisan leadership of the Senate Finance Committee on June 4 called for enhanced cooperation between Capitol Hill, IRS, state agencies, law enforcement and the tax preparation industry. “It is clear that current measures to prevent tax fraud are insufficient and […]

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District Court Explores Proper Review of FBAR Penalty Issues & Largely Rules Against Taxpayer

District Court Explores Proper Review of FBAR Penalty Issues & Largely Rules Against Taxpayer

Moore v. U.S., (DC WA 04/01/2015) 115 AFTR 2d ¶2015-591   A district court has largely dismissed a taxpayer’s challenges to his penalty for failing to file FBARs (Report of Foreign Bank and Financial Account) with respect to his foreign account, finding that he failed to make the required filings, he had no reasonable cause […]

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Recent FATCA guidance clarifies Form 8966 filing requirements

Recent FATCA guidance clarifies Form 8966 filing requirements

IRS has added new frequently asked questions (FAQs) concerning Foreign Account Tax Compliance Act (FATCA) reporting to its website. Specifically, the new FAQs clarify certain aspects of the requirement and deadline for filing Form 8966 (FATCA Report) for certain filers.  Click here to view the new FATCA FAQs concerning Form 8966 (FATCA Report). Background on FATCA. The Hiring […]

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IRS reminds persons with foreign connections of pending deadlines & other filing requirements

IRS reminds persons with foreign connections of pending deadlines & other filing requirements

IR 2015-70 In a news release, IRS has provided filing advice for persons who had 2014 connections to foreign countries. For example, it reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and […]

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IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

WASHINGTON — The Internal Revenue Service  today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Need to File A filing requirement generally applies […]

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Tax Return Preparers Convicted of Assisting Wealthy Clients Hide Millions in Secret Offshore Accounts at Israeli Banks

Tax Return Preparers Convicted of Assisting Wealthy Clients Hide Millions in Secret Offshore Accounts at Israeli Banks

As reported in the DOJ Press Release, a federal jury sitting in Los Angeles convicted two California tax return preparers of one count of conspiracy to defraud the Internal Revenue Service (IRS) and two counts  of willfully failing to file a Report of Foreign Bank and Financial Accounts (FBAR) announced Acting Deputy Assistant Attorney General […]

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Final Regs Issued On Specified Foreign Financial Asset Reporting

Final Regs Issued On Specified Foreign Financial Asset Reporting

T.D. 9706, 12/11/2014; Reg. § 1.6038D-1, Reg. § 1.6038D-2, Reg. § 1.6038D-3, Reg. § 1.6038D-4, Reg. § 1.6038D-5 , Reg. § 1.6038D-7, Reg. § 1.6038D-8   IRS has issued final regs that provide guidance on the requirement under Code Sec. 6038D that individuals attach a statement to their income tax return that provides information on […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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