Sean McMahon

FBAR Penalties Applied by Fifth Circuit Court of Appeals to Each Unreported Account

In a recent case concerning the civil penalties for failing to report non-U.S. financial accounts on the Foreign Bank Account Report, the U.S. Court of Appeals for the Fifth Circuit surprisingly determined that FBAR penalties are calculated based on the number of accounts that were not reported rather than the number of FBAR forms that were not filed.

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IRS Names Top 12 Tax Scams for 2015

The Internal Revenue Service has identified twelve fraudulent tax scams for taxpayers to avoid this tax season. The list contains includes warnings against scams such as phishing (fake emails/websites), phone scams and identity theft. It also includes fraudulent tax practices such as hiding offshore accounts, inflating tax returns and falsifying documents.

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