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Report of Foreign Bank and Financial Accounts

2019 – 01/03 If you have a financial interest in, or authority over, foreign accounts, you must file a Report of Foreign Bank and Financial Accounts if the value exceeds $10,000 in a year. Not doing so can result in penalties, which are greater for a willful violation. In one case, a man was assessed willful violation penalties in connection with unreported Swiss accounts. The 3rd Circuit Court of Appeals remanded the case to the trial court, because it wasn’t certain that court had used the correct legal standard to make a determination of willfulness. (Bedrosian, 12/21/18)

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©2019 Bland Garvey CPA