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 www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).
Read more at: Tax Times blog