Have you recently discovered you have a FBAR foreign account filing requirement? Did you know that the IRS can inflict harsh penalties for non-compliance even if you didn’t know you had a FBAR filing requirement? I&U CPA can help navigate the complexities of your FBAR filing requirements, assimilate the necessary information, prepare your current and past due FBARs, and address potential penalties.
The IRS will continue to step up enforcement of penalties related to non-filing. And there can be very severe penalties assessed for the failure to file FBAR or tax returns. I&U CPA’s FBAR team has a great deal of experience working with clients of all citizenship types and can help navigate through these complex matters, helping you come into proper compliance.
There are two types of penalties applicable to FBAR (1) Non-Willful and (2) Willful. Penalties are assessed per account and not per FBAR. Additionally, the penalties are assessed for each year there is a violation. For violations after October 22, 2004, penalties can be summarized as below:
Willful Penalty While Violating Certain Other Laws
If you’d like to receive more information about our FBAR reporting and compliance services, please complete the form below.