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Category: Offshore Accounts

Is There Any Way to Avoid Paying FBAR Penalties?

Avoid FBAR Penalties

You may be able to avoid paying FBAR penalties if you qualify for a delinquent FBAR submission or the Streamlined Compliance Procedures.  These voluntary disclosure methods eliminate or reduce your tax penalties while getting you into reporting compliance. ~~~~~~~~~~~~~~~~~~~~~~ Key Insights We Will Discuss:  The qualifications for a delinquent FBAR submission or the Streamlined Procedures. The… Read more »

What is the IRS Streamlined Program?

SFOP vs SDOP

  U.S. law requires that all taxpayers pay taxes on any foreign income or assets they have. This extends to anyone who is required to file taxes in the United States; it is not limited to U.S. citizens. Many people are not aware of this and subsequently fail to file and pay taxes on their… Read more »

How Much Will the Streamlined Procedures Penalty Cost?

The miscellaneous offshore penalty under the Streamlined Procedures is five percent of the highest aggregate account balance during the disclosure period. A number of factors can influence exactly how this penalty will be calculated in your case.