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US Citizen- Swiss Resident Assessed $316,000 for Nonwillful Failure to File anFBARs

US Citizen- Swiss Resident Assessed $316,000 for Nonwillful Failure to File anFBARs

According to Law360, an American living in Switzerland owes the U.S. government more than $300,000 in penalties and interest for his non-willful failure to report 28 foreign bank accounts, the U.S. told a Virginia federal court.

The American, Albert Cambata, did not file the proper notification, known as a Report of Foreign Bank and Financial Accounts, from 2010 to 2012, the U.S. government said in a complaint filed in case is U.S. v. Albert K. Cambata, case number 5:21-cv-00065, in the U.S. District Court for the Western District of Virginia on October 6, 2021.

Cambata had accounts in multiple foreign banks, the government said, including UBSHSBC and Bank Julius Baer & Co. LTD. 

The U.S. Treasury Department Has Cited Him For
11 FBAR Violations in 2010,
FBAR Violations in 2011 and
FBAR Violations in 2012,
For A Total of $280,000 in Assessments.

His fines remain unpaid even after the U.S. government sent him notices of assessment, according to the government, which said Cambata owes nearly $316,000 as of August 2021.

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Read more at: Tax Times blog

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