FBAR Penalty Applies To Offshore Poker Account
- Thursday, June 19, 2014, 11:23
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FBAR filing deadline is June 30. Foreign bank accounts are not the only type of reportable account; a costly lesson for this taxpayer. On June 4, 2014 in U. S. v. John C. Hom the Court determined accounts at FirePay, PokerStars, and PartyPoker were foreign accounts reportable on a Report of Foreign Bank and Financial Accounts (FBAR) under 31 U.S.C. 5314 and subject to penalties under 31 U.S.C. 5321.
http://www.forbes.com/sites/irswatch/2014/06/19/fbar-penalty-applies-to-offshore-poker-account/
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