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Canadians who own US Real Estate – US Estate Tax Implications | JD Supra

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By Steven Saraisky, Ram Gopal Shastri
| JD Supra
US estate tax in general Many Canadians own US-situs real estate, whether it is in New York, Florida, California or elsewhere in the US. It is often a surprise (or a “trap for the unwary”) to Canadian clients (or for that matter, any non-US client) to learn that there is a US estate tax imposed on the value of this US-situs property at death. The US federal estate tax rate generally is 40%.
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Supreme Court Rules Non-Willful FBAR Penalties are Calculated on a Per Report Basis | JD Supra

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By Reuben Muller, Steven Saraisky, Ram Gopal Shastri
| JD Supra
On February 28, 2023, in a significant tax case, Bittner v. US, the U.S. Supreme Court held that a U.S. person who fails to file his or her FBAR on a non-willful basis only is subject to a single penalty on the failure to file the FBAR, and not subject to multiple penalties based on the number of unreported foreign accounts.
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Important Supreme Court Decision will Decide how Non-Willful FBAR Penalties are Calculated | JD Supra

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By Reuben Muller, Ram Gopal Shastri
| JD Supra
This fall, the Supreme Court is set to hear an important case regarding the interpretation of the law that provides for penalties for failing to file an FBAR. The case will impact many taxpayers who have already been penalized and many more in the future. In 1970, the Bank Secrecy Act was enacted to curb the use of foreign financial accounts by U.S. persons to evade taxes.
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