This Is Post 6 in a series of posts describing the statutory and regulatory history of Mr. FBAR.
These posts are organized on the page “The Little Red FBAR Book“.*
Mr. FBAR Visits The Supreme Court Of The United States!
All #Americansabroad should read this wonderful article by @AndreasKluth about the unfairness and destructive effects of #FATCA @citizenshiptax @InFBARWeTrust. There is an extensive comment section which should be used to further the advocacy …https://t.co/dWY5vOWraa
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) August 26, 2022
But, maybe the issue is whether a civil FBAR penalty can be imposed at all instead of how much of a penalty can be imposed?
Bittner, Toth, Shick ASSUME: Civil non-willful #FBAR penalty (31 USC 5321(a)(5)) can be imposed on PERSON bc noncompliance with REG (31 C.F.R. § 1010.350) violates STATUTE (31 USC 5314). But 5314 has no application to PERSON but ONLY to Treasury Secretary. https://t.co/YeHaGScG5r
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) September 20, 2022
All of which is explained in the following video discussion
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) September 8, 2022
The existing statutory scheme 31 USC 5321(a)(5) combined with 31 USC 5314 does NOT authorize the imposition of a civil penalty on an individual for the failure to file an FBAR prescribed by 31 C.F.R. § 1010.350. Furthermore, the original 5321(a)(5)created in 1986 is written in the same way and fails to authorize the civil FBAR penalty for the same reasons.
For more extensive analysis and parsing of the statutes read on …