2024 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 2024 have been partially adjusted due to inflation. Here are the latest civil and criminal penalties for 2024:
USCPA Sophie Luo (羅霞) reminds you that failure to report FBAR may result in civil penalties, criminal penalties, or both. Please review your foreign financial accounts outside the United States to determine if FBAR reporting is required to avoid potential fines or penalties.
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
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