fbar penalties – Parent & Parent Advisory

Are FBAR Penalties Legal? Insights from West Virginia v. EPA

Introduction to FBAR and Its Purpose The Foreign Bank and Financial Accounts Report (FBAR) is a compliance requirement created under the Bank Secrecy Act (BSA) of 1970. It mandates that U.S. persons—including citizens, residents, and domestic entities—must report any financial interest in, or authority over, foreign bank or financial accounts if the aggregate value of […]

Justice Gorsuch’s Dissent: Unpacking FBAR Penalties Debate

Introduction: The Significance of Justice Gorsuch’s Dissent In the legal sphere, dissents play an integral role by challenging majority decisions and offering alternative interpretations that may shape future judicial thought. Justice Neil Gorsuch’s dissent in the recent case concerning Foreign Bank and Financial Accounts Report (FBAR) penalties stands out as a critical lens through which

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