{"id":63,"date":"2019-01-17T15:08:33","date_gmt":"2019-01-17T15:08:33","guid":{"rendered":"http:\/\/sf-tax-counsel.firmfinder.net\/?page_id=63"},"modified":"2024-01-03T16:38:22","modified_gmt":"2024-01-03T16:38:22","slug":"report-of-foreign-bank-financial-accounts","status":"publish","type":"page","link":"https:\/\/sftaxcounsel.com\/practice-areas\/report-of-foreign-bank-financial-accounts\/","title":{"rendered":"Report of Foreign Bank & Financial Accounts"},"content":{"rendered":"\n

No longer are offshore financial accounts the tax havens they once were. Both the IRS and the Department of Justice are committed to seeking information regarding foreign holdings and accounts and enforcing reporting requirements for U.S. taxpayers on those funds. Whether you live in the U.S. or are an expatriate, it is important to comply with the law and file the Foreign Bank Accounts Report (FBAR) when necessary. It is always wise to discuss these requirements with an experienced international tax lawyer or FBAR tax attorney who can help ensure compliance. <\/p>\n\n\n\n

FBAR Requirements and Possible\nPenalties<\/h3>\n\n\n\n

If you have more than $10,000 in non-U.S.\naccounts at any point during a tax year, you must file an FBAR by April 15th or\nfile an extension. If you fail to do so, the IRS will likely assess hefty\npenalties for noncompliance. You can face up to $10,000 in civil penalties per\nundisclosed account even if you were unaware of your FBAR requirements and the\nIRS believes your noncompliance was non-willful. For alleged willful\nnoncompliance, you could face criminal charges and penalties up to $100,000 per\naccount or 50 percent of the undisclosed funds, whichever is greater.<\/p>\n\n\n\n

If the IRS claims you failed to properly\ndisclose offshore funds and assesses an FBAR penalty, you should contact SF Tax\nCounsel right away. As leading global tax attorneys, we have litigated FBAR\ncases to challenge penalties and defend against criminal tax charges. We also\nassist with the following: <\/p>\n\n\n\n