What is the FBAR, the FBAR Penalty and Why it’s Important to You

If you maintain a financial interest in a foreign account valued at over $10,000.00 USD, you are required to file Form TD F 90-22.1. At present, the IRS maintains both civil and criminal enforcement jurisdiction over non-compliance, failure to file actions and willful misrepresentation. Penalties for non-compliance are severe and require immediate attention.

There are many variables associated with FBAR penalties. If you have been contacted by the IRS regarding FBAR Penalties, IRSTaxReliefNow.Org suggests quickly locating a tax specialist that understands how to mitigate FBAR Penalty actions.

You can call us for a free FBAR Penalty consultation any time at + 888.332.8959. Our experience and drive to jealously represent the interests of our clients has made of the firm of choice for FBAR Penalty mitigation.

Who must file the FBAR?

Any US citizen, resident, corporation, partnership, estate or trust with a financial interest in or signature authority on a foreign account of $10,000.00 or more must file the FBAR.

What kind of penalties can the IRS impose?

Both civil and criminal penalties may apply. Willful misrepresentation coupled with a pattern of other criminal acts may result in 10 years imprisonment and/or up to a $500,000.00 fine. Failure to file and non-willful acts of negligence may not carry any criminal penalties but can result in monetary fines from $500.00 to $10,000.00.

How can I mitigate FBAR Penalties?

We suggest speaking to a tax professional as soon as possible. Insure whomever you speak to has the requisite knowledge and experience to handle the case and use your best judgment.

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