FBAR Conviction of NJ MD Affect Dual Nationals

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Explore:  OVDP

On January 11, 2012 Michael Reiss, a physician from NJ was sentenced for failing to report offshore (Swiss) bank accounts(11:CR:0068),United States District Court SDNY. The sentencing memos of the U.S make some important policy statements.

The policy statements are:

First, Dr. Reiss made no effort to enter the IRS Voluntary Disclosure Program (OVDP) which began in 2009.

Implication: Taxpayer’s should make every effort to come forward on their own. Taxpayer’s should now come forward if they have not already.

Second, Reiss was aware of his obligation to file a Report of Foreign Bank Account (FBAR) as he filed reports annually on certain offshore accounts, but not the Swiss accounts.

Implication: This is a badge of willful behavior and the 50% FBAR penalty will be sought in similar circumstances.

Please see full article below for more information.

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Topics:  OVDP

Published In: Criminal Law Updates, Finance & Banking Updates, Immigration Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sanford Millar, Law Offices of Sanford I. Millar | Attorney Advertising

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