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Foreign Bank Account Reporting (FBAR)

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Please Provide 3 arguments for the current FBAR rules/penalties, and 3 arguments against the FBAR rules/penalties.

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Solution Summary

The 208 word cited solution provides four arguments for and four arguments against the FBAR rules.

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Arguments for FBAR rules and penalties

1. Taxation on the earnings of foreign assets has not been collected by the IRS because they have not been reported on US tax returns.

2. Non disclosure of foreign assets by US taxpayers doesn't allow for collection of funds to pay US obligations including federal or state tax, judgments and other ...

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