Lifting the Veil on the Civil FBAR Penalty
It should come as no surprise that the IRS has authority to assess FBAR civil penalties. However, what might come as a surprise is that an FBAR violation doesn’t automatically mean that a penalty will be asserted. Why not? Examiners are expected to exercise discretion, taking into account the facts and circumstances of each case, […]
No Laughing Matter: The Criminal Consequences of Failing to Report Foreign Bank Accounts
United States citizens, residents and other persons must annually report their direct or indirect financial interest in, or signature authority over, a financial account that is maintained with a financial institution located in a foreign country if, for any calendar year, the aggregate value of all foreign accounts exceeded $ 10,000 at any time during […]