Monday, August 1, 2022

California Man Found Liable For $324K in FBAR Penalties for Unreported Swiss Accounts

According to Law360, a California district judge ruled that a man owes just over $324,000 in penalties, interest and late fees for failing to report information on his foreign bank accounts to the Internal Revenue Service in 
U.S. v. Magdi Hanna, case number 8:22-cv-00179, in the U.S. District Court for the Central District of California.

Magdi Hanna never appeared in court to address claims that he deliberately failed to report two Credit Suisse accounts on his taxes in 2010, 2011 and 2012, leading the judge to take them as true and enter a default judgment against him Wednesday.

Federal prosecutors previously said Hanna also did not report interest or dividends from the accounts, which held at least $7 million in 2010 and $6 million in 2011 and 2012.

Described by prosecutors as an educated business owner with an advanced degree in chemical engineering, Hanna opened the accounts in the name of two corporations he owned or controlled, according to court filings.

Have an FBAR Penalty Problem?  

 Contact the Tax Lawyers at 
Marini& Associates, P.A. 
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