Ayar Law
800-571-7175 Call for free and
confidential legal advice
800-571-7175 Call for free and
confidential legal advice
  • Home
  • About
  • Services
    • IRS Tax Relief
    • Tax Audits
    • Audit Appeals
    • Unfiled Tax Returns
    • Foreign Bank Issues
    • Criminal Tax
    • Tax Preparer Defense
    • Unpaid Payroll Tax
    • Employee Retention Tax Credit (ERC)
  • Newsletter
    • Newsletters Archive
  • Blog
  • Contact
Home / What is the Penalty for Not Filing an FBAR Form?

Business owners: find out how you can get up to $26,000 per employee with the Employee Retention Tax Credit.

What is the Penalty for Not Filing an FBAR Form?

Posted October 30, 2020 Venar Ayar

FBAR Forms

Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Ban Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website.  This notifies he U.S. Treasury Department of the accounts.

Failure to file this form can result in severe penalties from the IRS.  Find out what these penalties are and how delinquent forms may be submitted.


Key Insights We Will Discuss

  1. Penalties the IRS may assess for not filing FBAR forms
  2. How to submit delinquent FBAR forms

According to the IRS, I willfully failing to submit the form can result in a maximum penalty of $12,921.  Willful violations are even steeper.  These can result in penalties of $129,210 or 50-percent of the amount in the account – whichever total is larger – for each violation.  Each year you did not file can be treated as a separate violation.

If you are facing criminal charges for FBAR violations, the penalties can also include possible prison time.

To avoid these penalties, it is important to work with your tax attorney to file delinquent FBAR forms as soon as possible.

Procedure to Submit Delinquent FBAR Forms

According to the IRS, individuals who have not filed a required FBAR form, who are not under a civil investigation for criminal investigation by the IRS, and who have not already been contacted by the IRS about delinquent FBARs, can submit delinquent FBAR forms.

To file a delinquent FBAR form, a person must follow these steps as outlined by the IRS:

  • Review the instructions
  • Include a statement explaining why the taxpayer is filing his or her FBAR late
  • File the delinquent FBARs on the FinCEN website
  • Select a reason – as given on the electronic form – for why the FBAR is late

Contact a Tax Attorney

If you failed to submit an FBAR form for your foreign bank accounts, call Ayar Law at 800.571.7175 to receive free, no-obligation tax advice from a tax attorney.


Executive Summary:

  • Failure to file FBAR forms on foreign accounts that exceed $10,000 throughout the year can result in harsh penalties from the IRS
  • If you fail to submit an FBAR, it is important to file delinquent forms as soon as possible to try to reduce the penalties assessed against you
  • Contact Ayar Law to get free, no-obligation legal advice at 800.571.7175

Venar Ayar, Esq.

Venar Ayar, Esq.

Attorney-at-Law, Master of Laws in Taxation
Principal and founder, Ayar Law

Venar is an award-winning tax attorney ranked as a Top Lawyer in the field of Tax Law. Mr. Ayar has a Master of Laws in Taxation – the highest degree available in tax, held by only a small number of the country’s attorneys.

More On The Subject

  • Can I Go to Jail for Past-Due (Delinquent) Taxes?
  • Are the Penalties Worse for Past-Due Payroll Taxes or Past-Due Sales Taxes?

Filed under: Blog, Failure to file, FBAR, Federal Tax Blog, Foreign Accounts, Foreign Assets, International Tax Blog, IRS Forms, Offshore Accounts, Tax Attorney, Tax Penalties, Tax Penalty, Unclaimed, Unfiled, Unpaid Taxes, Unreported Income

Tagged with: Delinquent FBAR, FBAR, FBAR attorney, FBAR attorneys, FBAR documents, FBAR Form, FBAR Forms, FBAR penalties, FBAR penalty, FBAR requirements, FBAR tax attorney, FBAR tax attorneys, FBARs, Foreign account, Foreign accounts, foreign asset, foreign assets, IRS FBAR, IRS FBAR Form, IRS FBAR Forms, IRS penalties, IRS penalty, offshore account, Offshore accounts, Penalties, penalty, Unfiled form, unfiled forms, unreported income

Contact Us For A Free Consultation

    From a trusted, experienced tax lawyer

    This doesn’t establish attorney/client relationship

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    Testimonials

    Ayar Law
    Ayar Law
    4.9
    Based on 240 reviews
    See all reviews
    Pro-Health Vita
    Pro-Health Vita
    02:06 21 Nov 21
    Ayar Law is the best tax law firm you can find. I had an IRS audit issue... that I consulted with Ayar Law. Hayden listened to my situation carefully and patiently, and advised me that my case is not worth the effort of hiring a tax law attorney because it will cost more. In addition, he walked me through the detailed steps of filing a petition with the tax court. Employees at Ayar Law are very professional, very knowledgeable, and very helpful. I strongly recommend them to anybody who needs tax help.read more
    Ashley Shabou
    Ashley Shabou
    14:29 27 Oct 21
    Kevin Evely
    Kevin Evely
    18:52 05 Oct 21
    He absolutely was able to help with first consultation.
    Willis Banks
    Willis Banks
    19:29 20 Jul 21
    Great people that's truly here to help others!
    Dayna U
    Dayna U
    16:45 16 Jun 21
    I spoke with Wendy very polite and honest I really appreciate the service... and I am very happy thank youread more
    alan
    alan
    17:12 15 Jun 21
    I was contacted promptly and received the advice I needed so now ill no... longer worry. Thanks so much ABLread more
    William Herbert
    William Herbert
    00:35 08 May 21
    Ayar is an outsanding firm. The staff is competent, courteous and... knowledgeable.. I am particularly impressed with Wendy Begres, the attorney I who has addressed my Tax concerns. I highly recommend Ms. Begres to anyone who has tough tax questions that need to be addresssed promptly, effectively and affordably..read more
    Adam Kivi
    Adam Kivi
    12:55 15 Mar 21
    Great response time to my matter. And more than helpful .
    Fred H
    Fred H
    16:34 10 Mar 21
    Ayer Law was definitely the right firm to call concerning our IRS tax... issues. Wendy was a great lawyer and quickly summed up our options to get the issues resolved. She listened and played out our options and probable IRS responses and implications. Wendy made our situation easy to resolve and we definitely will come back to Ayer for any other tax issues. Thanks Wendy for the great expertise!read more
    Russell Cline
    Russell Cline
    16:15 26 Feb 21
    Jackie Caprella
    Jackie Caprella
    18:58 22 Feb 21
    I was very pleased and impressed with Ayar law and their staff. I... hadphone interview with an attorney to discuss my issues, and shewas very helpful, understanding and gave me good advise. Iwould highly recommend their law firmread more
    Walker Barnes
    Walker Barnes
    15:47 22 Feb 21
    I had called for advice on how to treat my business. The price I got was... very professional, accurate, and in my best interest. Would definitely recommend!read more
    Next Reviews
    js_loader

    Daryl

    “Venar was extremely friendly, honest and helpful... without trying to sell me anything.”

    Daryl

    Avin

    “They fought very aggressively to get me the deal I needed to put to rest my tax problem.”

    Avin

    Stephanie

    “He answered all my calls and responded to my emails promptly. My issue was resolved.”

    Stephanie

    Marc

    “Ayar Law represented myself (an attorney)… when all said and done, NO fines or penalties.”

    Marc

    Kevin

    “Very helpful during a stressful time… went above and beyond to take care of our tax issues.”

    Kevin

    Bonnie

    “Saved my life! I thought that I would be lost forever trying to get help with my problem.”

    Bonnie

    Steve

    “He fought hard and won for us.”

    Steve

    Bill

    “Expert knowledge of the federal tax system and procedures! The results exceeded my expectations.”

    Bill

    Consumer Alert

    FTC CONSUMER ALERT

    Click Here
    to learn how to protect yourself
    from “Tax Relief” scams

    5 Guidelines

    Free Download If you've
    fallen behind on your taxes or you're
    facing a lien or audit...

    Your Free Download 5 Guidelines for Handling Your Tax Situation
    WJR - As Heard On

    © 2022 Ayar Law. All rights reserved. Privacy Policy

    Ayar Law

    Your Free 5 Guidelines Download

    Please enter your first name and email address so we can email you a download link…







    5 Guidelines for Handling Your Tax Situation