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 »
If you’re having tax problems
Tag: FBAR penalty
IRS examiners have discretion when assessing both willful and non-willful FBAR penalties. You could receive higher or lower FBAR penalties depending on the specific facts and circumstances of your case.