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FBAR Amnesty
FBAR Amnesty: The IRS has developed multiple foreign bank account program amnesty options for FBAR and FATCA related non-compliance. These programs are available to Taxpayers worldwide. The purpose of amnesty is to assist U.S. Persons with getting into offshore compliance. Generally, international tax compliance involves IRS Offshore Disclosure of unreported foreign accounts, assets, or investments. The FBAR penalties for unreported foreign accounts can be substantial. Foreign account compliance fines are broken down further into civil or criminal, and willful or non-willful.
FBAR Amnesty
2019 FBAR Amnesty
FBAR Amnesty 2019 has changed, due to the ending of the OVDP program, and updated new procedures for both domestic and offshore submissions.
2018 FBAR Amnesty
No Major changes in 2018 other than OVDP terminating (9.2018).
2017 FBAR Amnesty
No Major changes in 2017.
2016 FBAR Amnesty
No Major changes in 2016
FBAR Amnesty 2015
No Major changes in 2015 other than the recent introduction of the Stand-Alone streamlined procedures in 2014.
Civil FBAR Penalties
Civil FBAR Penalties are limited to monetary penalties.
A civil FBAR Penalty is a penalty that is focused on monetary fines or warning letters (waivers) — without any risk of criminal investigation or prosecution.
Penalties for Civil FBAR can be Broken down into two (2) categories:
- Willful FBAR Penalties
- Non-Willful FBAR Penalties
Non-Willful Violations
These FBAR Penalties are typically the least severe penalties.
An FBAR non-willful penalty is a “lower-level” penalty for not filing the FBAR.
Non-willful penalties can be high, BUT, typically they are not as high as willful penalties.
Willful Violations
The Willful FBAR Penalty is typically more severe.
An FBAR Willful Penalty is penalty for acting willful, willfully blind, or with reckless disregard in not filing the FBAR.
Criminal FBAR Penalties
Criminal FBAR Penalties may include monetary penalties and incarceration.
This is when the IRS refers the matter to the Department of Justice (DOJ) or other 3 letter government faction for criminal investigation and possible prosecution.
These are not very common, but unfortunately they are on the rise.
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
Contact our firm today for assistance.