top of page

One thing people tend to forget when it comes to the FBAR (Foreign Bank account reporting):

One thing people tend to forget when it comes to the FBAR (Foreign Bank account reporting):



FBARs must be filed for deceased individuals. Whoever is responsible for administrating the estate should make sure to take care of this, otherwise a large part of their inheritance could be at risk. 



The IRS can go after the estate for payment or penalties.



A recent district court case against the estate of a deceased taxpayer has ruled in favor of the IRS granting over $6 million in penalties against the estate for failure to report foreign bank accounts, reinforcing the fact that death does not absolve a taxpayer from his or her FBAR reporting requirements.



See U.S. v. Estate of Danielsen, 126 AFTR 2d 2020-6366

0 views0 comments

Recent Posts

See All

Comments


bottom of page