Responding To The Bittner FBAR Decision - The IRS ”Resets” The Penalty Principles

<p>August 15, 2023 - Participants include:</p> <p> </p> <p>Virginia La Torre Jeker - <a href='https://www.twitter.com/vljeker'>@VLJeker</a></p> <p>John Richardson - <a href='https://www.twitter.com/expatriationlaw'>@Expatriationlaw</a></p> <p> </p> <p>Out with the "mitigation provisions" and a reminder that penalties for the failure to keep records can result in a separate penalty!</p> <p>On August 10, 2023 Virgina La Torre Jeker published a post about the <a href='https://us-tax.org/2023/08/10/post-bittner-irs-gets-tougher-on-nonwillful-fbar-penalties/'>great FBAR penalty reset</a> - the IRS response to the Bittner decision.</p> <p>It's all about the new IRS FBAR Guidance Memorandum which took effect on July 6, 2023.</p> <p>You can read it here:</p> <p><a href='https://www.irs.gov/pub/foia/ig/sbse/sbse-04-0723-0034-redacted.pdf'>https://www.irs.gov/pub/foia/ig/sbse/sbse-04-0723-0034-redacted.pdf</a></p> <p>Clearly this is NOT "good news" for taxpayers (or should it say individuals with bank and financial accounts outside the United States).</p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p>