I Missed the 2016 FBAR Filing Deadline – Now What?

I Missed the 2016 FBAR Filing Deadline – Now What?

Filing FBAR and other disclosures of offshore accounts is simply an obligation that many Americans and American expats have become accustomed to satisfying. While the obligation can be complex and difficult to understand, many people do their best to maintain...
Changes Are in Store for FBAR Filing Obligations in 2017

Changes Are in Store for FBAR Filing Obligations in 2017

The FBAR (Report of Foreign Bank Accounts) disclosure obligation has existed since the 1970s. However, in the first few decades of the law’s existence, enforcement was spotty at best. During that time period, it seemed that secret offshore accounts were tolerated in...
What Penalties Can I Face for a Failure to File FBAR?

What Penalties Can I Face for a Failure to File FBAR?

By now most U.S. taxpayers are aware that the enforcement of offshore disclosure laws is taken seriously. The IRS and U.S. government have devoted significant resources towards enforcing these foreign disclosure laws. The U.S. government has signed international...
Willfulness in the Context of Failing to File an FBAR

Willfulness in the Context of Failing to File an FBAR

Failing to file an FBAR carries a steep penalty—$10,000 per account per year in most instances, or the greater of $100,000 or 50% of the account balance for violations that are deemed willful. A willful failure to file an FBAR may also result in criminal prosecution,...