If you failed to file FBARs for one or more tax years, you have several options for correcting your noncompliance. The best option for your situation will depend on many factors, and you should consult a tax attorney before choosing an offshore disclosure method.
If you’re having tax problems
Tag: offshore account
A failure to file FBARs and Form 8938 can result in numerous civil tax penalties. Criminal penalties are also a possibility, which could result in jail time.