Tag: FBAR penalties

What is the Penalty for Not Filing an FBAR Form?

Venar Ayar, JD, LLM (Tax) October 30, 2020 No Comments

Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Bank Account Report (FBAR) through the Financial Crimes Enforcement Network…

When You Should Hire an FBAR Tax Attorney

Venar Ayar, JD, LLM (Tax) August 28, 2020 No Comments

Do you hold overseas banking accounts? Do your foreign accounts exceed $10,000? Have you failed to disclose foreign holdings to the IRS? If you answered “yes” to any of these…

Amnesty Programs for Your Foreign Bank Accounts

Venar Ayar, JD, LLM (Tax) April 13, 2020 No Comments

If you have money in foreign bank accounts, you are not immune from disclosing that information to the IRS. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions…

Is There Any Way to Avoid Paying FBAR Penalties?

Venar Ayar, JD, LLM (Tax) February 10, 2020 No Comments

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…

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