Lessons from Paul Manafort: This tax slip-up could cost you a $100,000 penalty
Paul Manafort, President Donald Trump’s former campaign chairman, was found guilty of eight criminal counts on Tuesday.
These include five counts of tax fraud, two counts of bank fraud and one count of failure to file foreign bank account reports.
Willful failure to file a Report of Foreign Bank and Financial Accounts, or FBAR, could lead to a penalty of $100,000 or 50 percent of your balance in the foreign account, whichever is greater.
A costly tax-planning lesson is in store in light of the Paul Manafort case: Tell the IRS and Treasury about your foreign accounts, or else.
Manafort, a former campaign chairman for President Donald Trump, was found guilty of eight criminal counts on Tuesday, including one count of failure to file foreign bank account reports.
He was also found guilty of five counts of tax fraud and two counts of bank fraud.
U.S. District Court Judge T.S. Ellis declared a mistrial on 10 remaining counts in the bank fraud and tax crimes trial after the jurors said they could not reach a consensus.
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Shared from: CNBC