Imagine owing up to $600,000 in penalties on, say, a $20,000 bank account simply because you didn’t report it to the IRS. But such a gobsmacking penalty is possible if your account has been held overseas at a non-U.S. financial institution for years and you knowingly never disclosed it to the U.S. government. You could…
The FBAR is a disclosure form, not a tax form. So even though it goes to the treasury department, it’s not like there’s any money owed. Nonetheless, this is not something to be taken lightly, as the penalty for failing to file can be anywhere from $10,000 to 50% of the amount in each account…
Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2014 must electronically file with the U.S. Treasury Department a Financial Crimes Enforcement Network (“FinCEN”) Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”), if the aggregate value of such foreign financial account(s) exceeded…
