Tag: Offshore accounts

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…

How Much Are FBAR Penalties?

Venar Ayar, JD, LLM (Tax) February 7, 2020 No Comments

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.…

3 Ways to Voluntarily Disclose your Foreign Bank Accounts

Venar Ayar, JD, LLM (Tax) November 18, 2019 No Comments

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…

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