The Penalty of Failure to File FBAR
When your financial accounts, such as banks, insurances, securities, bonds etc., outside the U.S. and the aggregate maximum value of each account exceeds $10,000 in each year, as a resident alien in the U.S., you are eligible to file FBAR.
If you are failure to file FBAR or filing it dishonestly, you probably will face the Civil and Criminal Penalties.
USCPA Sophie Luo (羅霞) reminds you that if you didn’t file tax return or FBAR on time, before the IRS find out, you can use Streamlined Filing Procedures to make them up. Once the IRS find out, you have no choice but to accept Civil and Criminal penalties, and you can’t use Streamlined Filing Procedures to avoid the penalties.
Read more:
1. 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)
