FBAR: Properly Report Your Foreign Accounts
U.S. persons are obligated to report all foreign accounts if the aggregate value of such accounts exceeds $10,000 at any time during the calendar year. Under the authority of the Foreign Account Tax Compliance Act (FATCA), the government is pressuring foreign banks to report all foreign-owned accounts. Failure to meet all filing obligations with the IRS and with FinCEN can result in significant penalties.
FinCEN civil penalties for non-willful violations are $10,000 per violation. Willful violations are penalized at the greater of $100,000 per violation or 50% of the amounts in the undisclosed accounts. IRS penalties are an additional $10,000 for failing to file, plus an additional $10,000 for each 30 days of non-compliance after notice.
The tax attorneys of the Business Law Group can help you stay current with annual filings or get caught up with missed filings, including determining whether it is best to participate in the Offshore Voluntary Disclosure Program, the Streamlined Filing Compliance Procedures, or to make a silent submission. Call us today at (719) 355-8840!