31 CFR 1010.810 - Enforcement

Cite as31 CFR 1010.810
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30 practice notes
  • Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers
    • United States
    • Federal Register September 01, 2015
    • September 1, 2015
    ...with the rules FinCEN is proposing today. --------------------------------------------------------------------------- \29\ See 31 CFR 1010.810(b)(6). --------------------------------------------------------------------------- Investment Advisers Defined as Financial FinCEN is proposing to i......
  • Bedrosian v. United States, No. 17-3525
    • United States
    • United States Courts of Appeals. United States Court of Appeals (3rd Circuit)
    • December 21, 2018
    ...reprinted in 1971-1 C.B. 559, 561. The IRS has by delegation the authority to enforce the FBAR statute and implementing regulations, 31 C.F.R. § 1010.810(g), and it has developed a comprehensive scheme for enforcing and assessing the FBAR penalty. See Internal Revenue Manual §§ 4.26 & 8.11.......
  • Crawford v. U.S. Dep't of the Treasury, Case No. 3:15-cv-250
    • United States
    • United States District Courts. 6th Circuit. United States District Courts. 6th Circuit. Southern District of Ohio
    • September 29, 2015
    ...As for the willful FBAR penalty, whether it is imposed is entirely in IRS's discretion. See 31 U.S.C. § 5321(a)(5); 31 C.F.R. § 1010.810(g). Second, the factual record is not sufficiently developed to weigh whether the FATCA withholding taxes or FBAR penalty is grossly disproportionate, and......
  • United States v. Boyd, No. 19-55585
    • United States
    • United States Courts of Appeals. United States Court of Appeals (9th Circuit)
    • March 24, 2021
    ...to enforce the provisions of 31 U.S.C. § 5314 and [its implementing regulations] ... to the Commissioner of Internal Revenue." 31 C.F.R. § 1010.810(g).6 Thus, the majority is incorrect in stating that § 1010.306(c) "requires that the FBAR ‘be filed ... on or before June 30 of each calendar ......
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14 cases
  • Bedrosian v. United States, No. 17-3525
    • United States
    • United States Courts of Appeals. United States Court of Appeals (3rd Circuit)
    • December 21, 2018
    ...reprinted in 1971-1 C.B. 559, 561. The IRS has by delegation the authority to enforce the FBAR statute and implementing regulations, 31 C.F.R. § 1010.810(g), and it has developed a comprehensive scheme for enforcing and assessing the FBAR penalty. See Internal Revenue Manual §§ 4.26 & 8.11.......
  • Crawford v. U.S. Dep't of the Treasury, Case No. 3:15-cv-250
    • United States
    • United States District Courts. 6th Circuit. United States District Courts. 6th Circuit. Southern District of Ohio
    • September 29, 2015
    ...As for the willful FBAR penalty, whether it is imposed is entirely in IRS's discretion. See 31 U.S.C. § 5321(a)(5); 31 C.F.R. § 1010.810(g). Second, the factual record is not sufficiently developed to weigh whether the FATCA withholding taxes or FBAR penalty is grossly disproportionate, and......
  • United States v. Boyd, No. 19-55585
    • United States
    • United States Courts of Appeals. United States Court of Appeals (9th Circuit)
    • March 24, 2021
    ...to enforce the provisions of 31 U.S.C. § 5314 and [its implementing regulations] ... to the Commissioner of Internal Revenue." 31 C.F.R. § 1010.810(g).6 Thus, the majority is incorrect in stating that § 1010.306(c) "requires that the FBAR ‘be filed ... on or before June 30 of each calendar ......
  • United States v. Horowitz, Case No.: PWG-16-1997
    • United States
    • United States District Courts. 4th Circuit. United States District Court (Maryland)
    • January 18, 2019
    ...§ 4.26.16.6.5(3)."The authority to enforce such assessments has been delegated to the IRS." Williams , 489 Fed. App'x at 656 (citing 31 C.F.R. § 1010.810(g) ). The statute of limitations for assessing civil penalties for FBAR violations of 31 U.S.C. § 5314 is six years, and it begins to run......
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9 firm's commentaries
  • The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know
    • United States
    • JD Supra United States
    • October 21, 2020
    ...(FBAR). Recordkeeping Requirements. 31 CFR § 1010.420 requires maintenance and retention of FBAR records for a period of five years. 31 CFR 1010.810(g) references a Memorandum of Agreement between FinCEN and the IRS, which redelegates, to the IRS, FinCEN’s authority to enforce the provision......
  • FBAR Penalties: Is it per Account or per Violation?
    • United States
    • JD Supra United States
    • February 7, 2020
    ...requirements has been relegated from FinCEN to IRS (4.26.16.2.2); whereby IRS has the authority to enforce the provisions of Title 31: “31 CFR 1010.810(g) references a Memorandum of Agreement between FinCEN and the IRS, which redelegates FinCEN’s authority to enforce the provisions of 31 US......
  • The SEC’s Authority To Enforce The Bank Secrecy Act Is Challenged
    • United States
    • JD Supra United States
    • July 11, 2018
    ...delegated “[a]uthority to examine institutions to determine compliance with the requirements of” the BSA to various other agencies. 31 C.F.R. § 1010.810(b). With respect to securities broker-dealers, such “authority to examine” has been delegated to the SEC. 31 C.F.R. § 1010.810(b)(6). Howe......
  • The SEC's Authority to Enforce the BSA Is Challenged
    • United States
    • JD Supra United States
    • July 10, 2018
    ...delegated "[a]uthority to examine institutions to determine compliance with the requirements of" the BSA to various other agencies. 31 C.F.R. § 1010.810(b). With respect to securities broker-dealers, such "authority to examine" has been delegated to the SEC. 31 C.F.R. § 1010.810(b)(6). Howe......
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