Friday, July 30, 2021

US Says That Woman Owes $330K For FBAR Violations

According to Law360A New York woman is liable for $333,000 in penalties and interest for failing to report bank accounts she controlled in Switzerland and Hong Kong, U.S. attorneys in New York said in a complaint filed in 
 U.S. v. Bouskila, case number 1:21-cv-4243, in the United States District Court for the Eastern District of New York.

Cecile Bouskila owes penalties and interest because she did not file Report of Foreign Bank and Financial Accounts forms from 2004 through 2011 for several accounts she controlled, the government told the U.S. District Court for the Eastern District of New York.

From 2013 to 2018, Bouskila signed numerous consents to extend the statute of limitations for assessing the FBAR penalty for that period, according to the government. In 2019, the IRS assessed her a penalty for nonwillful failure to file FBARs, equal to $10,000 for each account in each year of the assessment.

In March, Bouskila settled with the Internal Revenue Service for an undisclosed amount in a separate case concerning the agency's seizure of $1.7 million from her offshore accounts, which the government said was intended to recoup tax liabilities she inherited from her late husband's financial interests.

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