2023 U.S. FBAR Penalty Adjustments
If you are a U.S. citizen, green card holder, or a U.S. resident alien and have foreign financial accounts (bank, securities, insurance, funds, etc.) located outside the United States, you are obligated to file an FBAR if at any point during the tax year the aggregate value of all your financial accounts exceeds $10,000.
If you are failure to file FBAR or filing it dishonestly, you may will face the Civil and Criminal Penalties. The penalty amounts for FBAR in 2023 have been partially adjusted due to inflation. Here are the latest civil and criminal penalties for 2023:
USCPA Sophie Luo (羅霞) reminds you If you didn’t file your FBAR properly for the previous years, before the IRS notice, you can use the Streamlined Filing Procedures to avoid the possible penalty. Once the IRS find out, you have no choice but to accept Civil and Criminal penalties, and you can’t use Streamlined Filing Procedures anymore.
Read more:
What Should I Do if I Didn’t File US Taxes Before?
If you have any questions or need any further help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
Also welcome to visit our website: https://www.ustaxproservice.com
(USTAX Service LLC)
