Month: February 2018

UPDATE: In a 77-paragraph indictment, Special Prosecutor Robert Mueller announced on February 22, 2018 that even more FBAR and Bank Secrecy Act criminal charges against Paul Manafort and Robert Gates for conduct that preceded their involvement in the 2016 president election.

Today’s news that a Grand Jury returned an indictment against Paul Manafort and Richard Gates confirms my observation that too many high profile individuals are still not filing FBAR forms at significant risks. While many have learned that FBARs can result in significant civil penalties, today’s indictment reminds us that there can be criminal charges for failing to file an FBAR as well. In this article, I’m going to answer what an FBAR is, the uphill road Manafort and Gates have, and what steps to take if you should have filed an FBAR but did not.

If you’re a Connecticut resident, chances are you’ve been shortchanging the State Treasury each year when you file your state income tax return, most likely without even realizing it. With the increasing ubiquity of the online marketplace and the convenience that online shopping offers, many have turned to the internet to buy all manner of goods and services. The fact that many online retailers do not charge sales tax on purchases is seen by many to be an extra incentive to shop online. However, what many do not realize is that just because your go-to online store doesn’t charge you sales tax doesn’t mean that you’re off the hook for paying taxes. Connecticut law requires you to self-report the purchase and pay use tax in lieu of sales tax. For years, many have flouted this requirement with little to no consequence, as means of effective enforcement simply did not exist. However, this week the Connecticut DRS made waves by sending out use tax assessments for prior years to customers of at least one online retailer: Newegg.com.

Complaining about the overly complicated US tax code doesn’t actually help all that much. Action is needed. Fortunately, Republicans Overseas have announced three separate efforts to bring helpful tax reform for all Americans. Read on to learn how you can be part of the effort to make the US tax code less onerous on all of us.