Think Advisor

974 / What are the penalties for failing to comply with the FBAR filing requirements?

The maximum civil penalty for non-willful failure to comply with FBAR reporting requirements is $10,000. 1 However, additional penalties may apply for willful violations. Penalties for a willful ...
Forbes

Sixth Circuit Finds That FBAR Willfulness Includes Recklessness

U.S. persons who have more than $10,000 in foreign bank accounts at any time in a tax year must report those accounts to the government on an FBAR. The failure to timely and properly file an FBAR can ...
abc27

From the Tax Law Offices of David W. Klasing - 9th Circuit's Recent Ruling Incorporates "Recklessness" into Willful FBAR Penalties

IRVINE, Calif., Oct. 8, 2024 /PRNewswire/ -- One area of the law that our International Tax Attorneys & CPAs keep a constant eye on is the assessment of FBAR penalties. These penalties can either be ...
The Victoria Advocate

From the Tax Law Offices of David W. Klasing - When is the IRS Likely to View Your Failure to file Foreign Bank Account Reporting (FBAR) as Criminal Verus Merely Negligent

FBAR non-willful penalties are now "per-form," not per-account. At the Tax Law Offices of David W. Klasing, our skilled dual-licensed tax attorneys and CPAs can help you file your FBARs properly in ...
ksn.com

From the Tax Law Offices of David W. Klasing - When is the IRS Likely to View Your Failure to file Foreign Bank Account Reporting (FBAR) as Criminal Verus Merely Negligent

Under the Bank Secrecy Act, U.S. taxpayers must file an FBAR (FinCEN Form 114) if their foreign financial account balances exceed $10,000 in aggregate at any point during a calendar year. A failure to ...