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Video instructions and help with filling out and completing Willful vs non willful fbar
Instructions and Help about Willful vs non willful fbar
Hello Anthony hello Claudine we are here today to talk about an F Bar litigation win we like to stay on top of these because there's not a ton of Fr litigations happening that's right okay so this is Jeffrey P Pomerance he's a dual US Canadian citizen he had two overseas accounts one in Canada at CIBC in his own name Israel the other was in Switzerland under a shell companies named if he did not file F bars on either account from 2022 to 2022 so this ended up going to court yeah it did it did it did go to court so this is what happened in the case the IRS is in charge of assessing the title 31 f bar penalties even though the IRS is a twenty title 26 agency the reason being is because the title 31 F bar form it's so low value for intelligence and there's so much of it the only agency that can actually handle it isn't the agency who publishes the form that's the Financial Crimes enforcement Network is their form yet they don't want to touch it because it's a waste of their time so they all option they ship it off to the IRS to handle and the IRS has developed its own penalty procedures for assessing F bar penalties and in this case willful f bar penalties and when I read the the complaint that the Court opinion says there was two overseas accounts it looks like there's three can't quite tell not that matters much the the the result is still the same a fantastic win for mr. Pomerantz who did represent himself at awesome that's pretty awesome I pretty sure he had some help because he was trying to also move the case to the Washington DC where he had an attorney who was willing to help him so I'm wondering if that attorney helped them at all on this brief who would know maybe just some legal research he was not representing him in court of course so I mean it just went incredibly well he did lose on the motion to to change the venue where his attorney could represent him but it wasn't so important because the victory was when something like this so the IRS assess these willful penalties against them and this is oh yeah so you had yet these assets because you didn't file the f bar boom willful f bar penalties that's the standard the IRS constantly want so what you just didn't even file this therefore we should go for willful the court here we have a course a low back off to kind of need a little bit more than just not filing an F button if you are going for a non-willful penalty okay you got them you didn't file the f bar and now because you're going for the willful penalties you have the burn of proof you have to allege additional.