WHAT IS THE FBAR?
An FBAR is a Report of Foreign Bank and Financial Account Form aka FinCEN 114 (Financial Crimes Enforcement).
If you have an aggregate total of more than $10,000 in all your foreign accounts combined and do not file, you are in violation.
Resolve Your FBAR Filing Requirements to Avoid Substantial IRS Penalties and Criminal Prosecution
Do you Have an Offshore Bank Account? If YES, have you filed a yearly FBAR Form with the IRS as is required under the Bank Secrecy Act?
The IRS can assess substantial Civil and Criminal Penalties against you if you do not file an FBAR form with them every year.
If you have bank accounts or assets overseas that are valued at $10,000 or more, you should speak with a qualified Tax Attorney today to make sure you are FBAR compliant.
Are You At Risk of FBAR Penalties and Criminal Prosecution by the IRS?
YES! If you have an interest in financial accounts that require FBAR reporting and you have not filed a FBAR form with the IRS, you may be at risk for substantial civil penalties and possible criminal prosecution. The civil penalties are up to $10,000 per “non-willful” violation and up to the greater of $100,000 or 50% of the gross amount in your offshore bank account at the time of the violation, if the violation is “willful”.