An interesting article here.
"If you have ever forked over additional taxes, interest and penalties to the IRS, you may have uttered a few choice words."
"Are FBAR penalties meant to compensate the government or penalize the taxpayer, or both?"
I agree with the general opinion of the author, but some of the stated cases may probably carry 'some' FBAR weight. However, the little guy who doesn't know or been advised should be cut some slack.
FBAR and FATCA non-filling penalties are truly oppressive for the less than 1%'ers.
Read it here: http://www.forbes.com/sites/robertwo...rtner=yahootix
Some very good & informed comments also.
The bigger problem I see here is the paid professional who doesn't grill their client sufficiently to advise them of the proper reporting requirements, and then when it hits the fan, it's your fault.
Got E&O?
"If you have ever forked over additional taxes, interest and penalties to the IRS, you may have uttered a few choice words."
"Are FBAR penalties meant to compensate the government or penalize the taxpayer, or both?"
I agree with the general opinion of the author, but some of the stated cases may probably carry 'some' FBAR weight. However, the little guy who doesn't know or been advised should be cut some slack.
FBAR and FATCA non-filling penalties are truly oppressive for the less than 1%'ers.
Read it here: http://www.forbes.com/sites/robertwo...rtner=yahootix
Some very good & informed comments also.
The bigger problem I see here is the paid professional who doesn't grill their client sufficiently to advise them of the proper reporting requirements, and then when it hits the fan, it's your fault.
Got E&O?