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There's no fooling the IRSFinancial PostAug. 15, 2012 |
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 No fooling? They just gave out some $5 billion in fake tax refunds. "No reasoning [with]" would be more accurate. - ChrisA recent U.S. court decision sheds a little light on the intention behind the Internal Revenue Service’s crackdown on its citizens with offshore accounts who haven’t filed FBARs or reported worldwide income on their U.S. tax returns. Last month, the Fourth Circuit Court of Appeals in Virginia overturned a lower court’s decision and found former Mobil Oil Corp. senior executive Bryan Williams liable to pay two civil penalties of US$100,000 each for failure to report his interest in two foreign bank accounts for the 2000 tax year. Under U.S. law, its citizens are required to file a federal income tax return as well as Reports of Foreign Bank and Financial Accounts (FBARs) every year, no matter where they reside. Penalties for failure to file FBAR Form TD F 90-22.1 range from a willful failure-to-file penalty starting at US$100,000 to non-willful failure-to-file penalty of US$10,000 per violation. Read More 
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