FBAR penalties can be up to $10,000 for non-willful violations. Willful violations have much higher penalties, so taxpayers with foreign accounts should take the time…
Penalties for Undisclosed Foreign Accounts
You may face any of the following penalties for the failure to disclose your foreign accounts: Willful or non-willful FBAR penalties. Accuracy-related penalties for the…
How Many Years of Unfiled FBARs Should You Disclose?
The general rule is that you’ll need to disclose all unfiled FBARs during the past six tax years. This is the disclosure period required under…
Offshore Account Compliance for Taxpayers Living Overseas
Expats and other taxpayers who are living overseas may be required to file Form 8938 and FBARs if they open a financial account in a…
Are You Eligible to Use the Streamlined Filing Procedures?
The Streamlined Filing Compliance Procedures (“Streamlined Procedures”) offer taxpayers a less costly method of disclosing their unreported foreign bank accounts when compared to the new…