FBAR - PART I - Michael Fried of Fried & Rosefelthttp://FriedLaw.com
Fried & Rosefelt, LLC understands the language of business and the language of tax. We know that every client has a different goal, a different circumstance, and a different problem. At Fried & Rosefelt, we help you find the right solution for your particular goal and your particular problem.
Hi. I'm Michael Fried of Fried and Rosefelt.
I want to tell you a little bit about the FBAR.
The report of foreign bank and financial accounts. The #FBAR used to be TDF Form 90.22-1. It's now FinCEN 114.
But whatever form number, it's the #FBAR and it's the stick the IRS uses to force tax payers into compliance with reporting their foreign bank accounts.
The FBAR is not a tax return. It's a form that you file with the treasury, with FinCEN to report your foreign bank account.
Although the #FBAR was not really enforced until about 8 or 9 years ago, when it is enforced, it comes with a very large penalty. A non-willful failure to file an FBAR can result in a $10,000 penalty per account and per year. If the IRS determines that you have a willful penalty, the penalty is substantial. The penalty is the greater of 50% of the amount in your account or $100,000 per year per violation.
I want to give you a little example. If you have $200,000 in account for the last 6 years, you can face a willful failure to file an FBAR penalty of $100,000 per year or a total penalty of $600,000 on an account that never had more than $200,000 in it.
So if you think I can help, I'm pretty sure I can. Please give me a call.
Thank you for listening.
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