Sunday, March 11, 2018

Want To Be Paul Manafort’s Cellmate?

By Don D Nelson, International Tax Attorney

One of the criminal charges against Paul Manafort involves his failure to report foreign bank
and financial accounts he controlled.  All such foreign accounts must be reported to the US
Treasury each year on form 114 (FBAR) if the combined highest balances in those accounts
are $10,000US or more.  Paul Manafort appears to have never filed that form and answered
the yes or no question on his tax return asking if he had foreign bank accounts “no.”

If you are like Manafort you too can spend five years in jail and pay a criminal fine of $500,000.
There are also civil fines that can go up to ½ of the balances you maintained in your foreign
bank and financial accounts.

There are several programs that will allow you to catch up with past unfiled foreign assets
reporting forms due the IRS which will reduce or eliminate your financial and criminal
exposure for failing to file the Form 114.  However, like Manafort, if the IRS for FBI discovers
your failure to file before you do try to catch up, you will be exposed to huge monetary penalties
and possible felony charges. Most foreign banks and financial institutions are reporting your
foreign balances to the IRS.  Best to take action now before you get to know Paul better.


Don D. Nelson, is a US tax attorney who has been assisting Americans in Mexico with their
taxes for over 25 years. He offers his clients the absolute privacy provided by
“Attorney client privilege.” His firm has assisted over a hundred expats in Mexico catch
up with their FBAR filings and regular returns   If you have questions or wish to meet with
him email him at or his Los Cabos
phone number is 624 131 5228. US phone number 949-480-1235