Steal This Attorney's WINNING FBAR Penalty Abatement Letter For A Willful or Non-Willful Victory
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Published 2024-04-24
Leave your comment for Treasury here by 4/29/2024: www.reginfo.gov/public/do/PRA/icrPublicCommentRequ…
Link to FBAR attorney Anthony E/ Parent's Winning FBAR Penalty Waiver/Appeal Letter (updated 4/26/24 with comments form this podcast) drive.google.com/file/d/1HEmTI3hxyfCvi9N8Ov96svlja…
The US Treasury Department is seeking comments regarding updating its FBAR regulations. Over the past two episodes, two lawyers who are experts on FBAR filing, Anthony Parent and John Richardson have discussed how to leave comments. But what comments to leave?
Well for Anthony Parent, Esq., of the IRSMedic podcast, a 20-year tax attorney he is going to share his winning FBAR penalty abatement letter that resulted in ZERO FBAR penalties. This abatement letter was inspired by John Richardson, Esq. one of the most-independent thinkers in the international tax space. Because of his discussions with John, Anthony began to suspect that maybe the government's claim that The Bank Secrecy Act mandated an FBAR be filed every year by taxpayers who have financial accounts in excess of $10,000 could be entirely contrived.
And that is exactly what Anthony found. There actually is no FBAR law. And as John puts it, this is a case where the regulations defines the law.
Joining Anthony and John is someone else who has been on this long voyage, Keith Redmond advocate to and consulate to the American Abroad, who runs the 10,000 member strong American Expatriates group on Facebook. Click here to join: www.facebook.com/groups/AmericanExpatriates
So what goes in this winning FBAR penalties abatement letter? Tune in to find out. Or you can just actually read it, here, below:
The Report of Foreign Bank Account (FBAR) regulations are not based a reasonable interpretation of the Bank Secrecy Act.
As a claimed part of the Bank Secrecy Act of 1970 (herein “the Act”), the FBAR, aka “Report of Foreign Bank Accounts” has been a nightmare for Americans. The Form and its arbitrary, ruinous penalties are nothing less than financial terrorism. The FBAR has caused, its unequal and unjust enforcement, a “penalty bonanza” that forces the IRS civil exam divisions to make determinations of huge criminal penalties against people who did nothing wrong other than fail to file a piece paper when their foreign bank accounts, or even pension accounts, go over $10,000 in the aggregate.
FBAR penalties are beyond draconian. The IRS can impose a 50% penalty – based on account value – again, just because didn’t file a piece of paper. There need not be any tax non-compliance, nor anything else wrong to face this extreme FBAR penalty exposure.
For instance, a US person who doesn’t report their ownership of an Australian retirement account worth $2 million can be assessed a $1 million penalty. While Treasury is currently only assessing one willful 50% penalty at a time, there is nothing to stop them from assessing up to six FBAR penalties whenever they decide to. The failure to file a FBAR could take a huge net worth and turn it in to a negative equity position.
We are told FBAR penalties would to take down international criminal syndicates. Yet that never happened. But instead FBAR penalties are assessed against the softest targets, like retired school teachers hit with FBAR penalties for not reporting a modest UK teacher’s pension. (See US v. Jane Boyd cdn.ca9.uscourts.gov/datastore/opinions/2021/03/24…)
The words of Attorney Anthony Parent, “I have talked people out of suicide. I talked down a young father in Japan who had a rope around his neck, in his garage, ready to make a fatal leap and leave his children fatherless. Because he did not file a FBAR for his Japanese accounts and he was afraid what would happen to him would be worse than death.”
Practitioners have noted that the IRS has a goes after the elderly who often have dementia, health problems, and tire easily. The IRS go after these people the hardest because the IRS knows they don’t have the stamina or ability to defend themselves properly.
There are two penalty regimes. One if you are a large taxpayer with plenty of money to “lawyer-up.” Meanwhile those with fewer resources get different treatment.
So how could Congress vote for such an terrifying law? Well, Congress never actually did. This law, rather appears to be the create of regulation. That is the regulations has created an entirely different regulation than the Act intended.
The fact is, upon closer analysis, the legal authority claimed by Treasury to impose to require an FBAR and to impose FBAR penalties is missing. That is, the FBAR is not something that Congress ever voted for. The FBAR does not reflect the will the people, but rather the Department of Treasury, who appears to have invented the “FBAR law” via regulation.
All Comments (3)
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Anthony, I think your idea regarding foreign financial agencies is problematic when you look at the definition of person in title 1 section 1 which states: "the words “person” and “whoever” include corporations, companies, associations, firms, partnerships, societies, and joint stock companies, as well as individuals;"
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But… thank you for the wonderful thoughts and information. I hope I'm wrong and that something can be done. I just don't see a way for it to happen. If there is a realistic way, educate me.
