Friday, December 14, 2012

An Interview with Jon McBride and the Hidden Facts behind his FBAR Judgment!

Anthony Parent's post FBAR Defendant Jon McBride warns others to come clean regarding his interview with Jon McBride about the facts surrounding his FBAR penalty judgment is worth reading.

What he did could have happened to anybody. Victimized in a ponzi-scheme, he claims the IRS taxed him on income he never received. And then because he represented himself at audit, that process did not go so well.

Even though McBride had no control to distribute money from foreign accounts, the court held that his "tacit control" was tantamount to "actual control," thus the FBAR penalties were appropriate.

Jon"s advice to anyone who hasn't come clean: OVDI is a "no-brainer," he says.

If you have Un Reported Income from Foreign Bank Accounts, contact the Tax Lawyers at Marini& Associates, P.A. for a FREETax Consultation at or or Toll Free at 888-8TaxAid (888 882-9243).

1 comment:

  1. With all due respect, may I be a contrarian here? I have to disagree with this attempt by IRS Medic to generate clients.

    No matter that Jon"s advice is to anyone who hasn't come clean: OVDI is a "no-brainer," That is just wrong, IMHO

    That implies that all who have an offshore account, are somehow willful tax evaders, and must come 'clean'. For him, with his unique set of facts, maybe that was so, but it is hardly the 'no-brainer' decision for many benign actors.

    This type of approach to compliance is such that it allows the IRS to extract unnecessarily "One Size fits all"draconian penalties for benign failures in many circumstances where it is NOT warranted.

    There is no ONE SIZE solution for all situations, IRS hyperbolic language not withstanding. In many cases the OVDI (since 2012 it is the OVDP) is exactly the wrong thing to do, again, depending on your facts. I advise careful consideration of your unique circumstances and your degrees of willfulness or non willfulness before deciding on a course of action.

    That might take some personal drudgery in educating yourself about the risks and rewards of various options on the road back to compliance before you rush into the arms of a Tax Practitioner. If you seek advice, and you may need to, it will make your time spent with them more valuable if you have engaged in some serious self education. You will be better placed to assess the advice that is being given.

    One should not allow fear drive the decision. The entire issue of FBARs and offshore accounts takes careful review by someone you trust not to put their interest in generating fees ahead of your interest in finding a reasonable cost effective solution to be compliant with a know requirement.

    Here is some alternate advice: :) The OVDI Drudgery for Minnows

    Posted by Marvin Van Horn