FBAR Penalties. The penalties for failure to file an FBAR are worse than tax penalties. Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation.

As June 30 approaches, should you file your first FBAR? An FBAR has emerged from the dusty stacks of federal form oblivion onto the front page. If you have foreign bank accounts holding more than ...

In his Tax Litigation column, Jeremy Temkin analyzes the ongoing debate over the maximum permissible FBAR (Foreign Bank and Financial Account) penalty and its implications.

Tax practitioners and taxpayers alike have long grappled with whether virtual currency, aka cryptocurrency, is reportable for purposes of FinCEN Form 114, Report of Foreign Bank and Financial Accounts ...

In a 5-4 decision in Bittner v. United States, the Supreme Court held that the $10,000 per violation non-willful FBAR penalty, contained in 31 USC § 5321, applies only to each FBAR and not to ...

FBAR, managed by the Financial Crimes and Enforcement Network (FinCEN), is specifically for reporting foreign financial accounts exceeding $10,000 at any point during the calendar year.

This article is for US taxpayers. Much has been said about the IRS’s dogged pursuit of taxpayers with unreported foreign accounts. These accounts are reported on the Report of Foreign Bank and ...

After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement ...

Shared Extensively on Social Media, IRSMedic.com's Step by Step Guide was a Huge Success WALLINGFORD, CT / ACCESSWIRE / July 27, 2016 / IRSMedic.com, also known as Parent & Parent, LLP, recently ...

Penalties for failure to file may run as high as $100,000 per account, or 50 percent of the account value per year. While there is a reasonable-cause exception for non-willful violations, the penalty ...