Fraud & Negligence, The FBAR and the Fifth Amendment

By Michael Sardar
Journal of Taxation
September 2009 Edition, Vol. 111 No. 3

Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), must be filed by U.S. persons and certain non-U.S. persons to report an interest in, or authority over, a foreign financial account. The FBAR must be received by Treasury by June 30 1 to report foreign accounts held at any time (and for any length of time) during the previous year. A willful failure to file the FBAR is a felony. 2 Michael Sardar, an associate with the law firm of Kostelanetz & Fink, LLP, in New York City, analyzes one aspect of the FBAR filing requirement that tax practitioners may have overlooked—self-incrimination.

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