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F.B.A.R.’s — What You Need to Know

Volume 6 No 3   |   Read Article

By Rusudan Shervashidze and Nina Krauthamer

April 15 is almost here, and while most people know this date as the filing deadline for individual tax returns, it is important to another filing requirement: the Report of Foreign Bank and Financial Accounts (“F.B.A.R.”). Although the form has been around since the 1970’s, many people continue to profess ignorance of its existence. Others are simply confused about the requirements. A recent Federal case illustrates the perils of failing to file a required F.B.A.R. Rusudan Shervashidze and Nina Krauthamer explain that penalties are high, and courts are skeptical about claims of ignorance of the law, especially when taxpayers have accumulated several million dollars placed in an offshore account.  See more →