The penalty for nonwillful failure to file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is assessed per FBAR not timely or properly ...

When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or ...

With the June 30 deadline to file the FBAR form fast approaching, the IRS issued another reminder to taxpayers with bank accounts located outside of the United States. The IRS noted that during 2014, ...

A record high 1,163,229 Report of Foreign Bank and Financial Accounts (more commonly, FBARs) were filed in 2015, up more than 8% from the prior year. That growth, however, is nothing new: FBAR filings ...

In a recent case, the Fifth Circuit analyzed whether the $10,000 maximum non-willful FBAR penalty cap applies for each failure to file an annual FBAR or each failure to report an account. In an ...

IMGCAP(1)]There are a number of due dates that don’t apply to all taxpayers, but are easily missed when they do apply and will subject the taxpayer to harsh penalties if they overlook them. Processing ...