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 for each violation. It can even come with jail time.
To help you stay out of the government’s crosshairs, I want to go over the top 5 mistakes people make when it comes to the FBAR. (Note that this is not official tax advice, so please go over all of this with your personal tax accountant.)
