FBAR Requirements and Problems

If you fail to file FinCEN Report 114 - better known as the Report of Foreign Bank and Financial Accounts (FBAR) - you could face stiff penalties.

When do you need to file a FBAR?

In any year when your combined assets in offshore bank accounts total more than $10,000, even if just for one day. Signature authority over an account also requires disclosure.

The due date had been June 30, but this changed in 2017 to coincide with the April 15 general filing deadline. A requirement of the Bank Secrecy Act, FBARs must be e-filed with the Treasury Financial Crimes Enforcement Network.

What is the civil penalty if you haven't filed?

It depends on whether the IRS argues the failure was willful or non-willful.

Penalties of $10,000 apply to non-willful violation. If the violation was willful, the penalty could be 50 percent of the value of accounts up to a maximum of $100,000. Each year you failed to file is a separate violation.

Why you need a strong advocate?

While more information has become available about the FBAR requirement over the last decade, it is still possible to make a mistake. The tax defense attorneys at Silver Tax Group have been able to protect the interests of clients with similar issues across the country. We leverage this experience to provide you strong representation in front of the IRS.

Our experienced tax attorneys provide one-on-one service along the path to solving your tax problems. You can count on us to be available to answer your questions at every step.

Act Now To Resolve An Offshore Account Tax Problem

Get a free case evaluation by sending us an email. Tax issues related to foreign bank accounts and offshore assets are serious, but they do not need to ruin your future.