Mr. FBAR – He Lurks in Every Corner - Katholos Case Expands Meaning of "Financial Interest"
Virginia La Torre Jeker, J.D.
US International Tax (NY Bar 1984- current), Forbes Contributor, Forbes, Top 100 Tax Twitter Accounts; Bloomberg Tax Pro to Follow and Bloomberg Tax Author; Quoted NYT, WSJ, Newsweek
Another important FBAR case, and it has been dragging on for 4 years. Just imagine the sky high legal fees and anxiety this poor Greek/US dual national citizen living in Greece for decades has endured.
The case is significant for 2 distinct reasons 1) clarification, and some may say, an ‘expansion’ of the definition of “financial interest†in an account requiring FBAR reporting and 2) a firm demonstration how far the Internal Revenue Service (IRS) will go to assert a civil “willful†FBAR penalty.
Read all the details at today's blog post.
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