FBAR Compliance Is Not Quite Painless, But It Beats the Alternative
It is not illegal to put your money in overseas bank accounts or to have foreign financial interests. It is, however, against U.S. law to hide it in order to avoid paying income taxes. In the past, the IRS was not very successful in going after all that untaxed wealth. According to a 2012 Forbes […]
FBAR Penalty Applies to Online Poker Accounts
Recently, a federal court case held that online poker accounts must be disclosed on an FBAR. In United States v. Hom, 2014 U.S. Dist. LEXIS 77489 (N.D. CA 2014), Mr. Hom was an online gambler who opened up accounts with two online poker websites in 2006: PokerStars and PartyPoker. Both websites allowed Mr. Hom to deposit and withdraw […]