FBAR | FATCA Compliance
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Have you recently discovered you have a FBAR foreign account filling requirement? Did you know that the IRS can inflict harsh penalties for non-compliance even if you didn’t know you had a FBAR filling requirement? Phenomenal Tax & Accounting Services, LLC can help navigate the complexities of your FBAR filing requirements, assimilate the necessary information, prepare your current and past due FBARs, and address potential penalties.

 

The IRS will continue to step up enforcement of penalties related to non-filing. And there can be very severe penalties assessed for the failure to file FBAR or tax returns. Phenomenal Tax & Accounting Services, LLC’s FBAR team has a great deal of experience working with clients of all citizenship types and can help navigate through these complex matters, helping you come into proper compliance.

 

There are two types of penalties applicable to FBAR (1) Non-Willful and (2) Willful. Penalties are assessed per account and not per FBAR. Additionally, the penalties are assessed for each year there is a violation. For violations after October 22, 2004, penalties can be summarized as below:

Non-Willful Penalty

  • Up to $10,000 for each negligent violation,
    No criminal penalties assessed.
     

Willful Penalty

  • Up to the greater of $100,000 or 50% of the amount in the account at the time of the violation,

  • Criminal penalties of up to $250,000 or 5 years in jail or both.

Willful Penalty While Violating Certain Other Laws
 

  • Up to the greater of $100,000 or 50% of the amount in the account at the time of the violation,

  • Criminal penalties of up to $500,000 or 10 years in jail or both.
     

If you’d like to receive more information about our FBAR reporting and compliance services, please complete the form below.