A US appellate court has ruled that an account with an offshore internet gaming site is not a financial account for purposes of the FBAR (foreign bank account reporting) penalty (USv Hom, No. 14-16214 DC).
Overturning an earlier district court ruling, the Ninth Circuit cancelled USD40,000 of penalties imposed on Hom for failing to file an FBAR for his online poker accounts in the UK, because there was no evidence that the funds maintained with either poker site served any purpose other than to play poker.
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Read more at: Tax Times blog
