FBAR Streamlined Penalty

FBAR Streamlined Penalty

FBAR Streamlined Penalty

FBAR Streamlined Penalty: In International Tax, “Streamlined” refers to the Streamlined Filing Compliance Procedures. When a Taxpayer submits to the Streamlined Domestic Offshore Program, they have to pay a 5% penalty (aka Title 26 Miscellaneous Offshore Penalty) In general, the procedures help taxpayers who are non-willful (and meet other requirements as well) to safely get into foreign accounts compliance, and side-step more aggressive penalties. The streamlined procedures are part of the bigger amnesty procedures, referred to as offshore voluntary disclosure.

Streamlined Offshore Penalty Framework

The Streamlined FBAR penalty refers to the Title 26 Miscellaneous Penalty portion of the Streamlined Domestic Offshore Procedures.

That is because the Streamlined Domestic Offshore Procedures (SDOP) requires the payment of a 5% penalty, on the highest year-end, annual aggregate total balance within the 6-years compliance period (discussed below).

Golding & Golding Streamlined FBAR Penalty Example

The following is an example developed by Golding & Golding to help bring some clarity to FBAR penalties and Streamlined. Note: Other reportable assets beyond the FBAR are also included in the penalty computation.

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Recent FBAR Penalty Updates

Golding & Golding: About our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.

Each case is led by a Board-Certified Tax Law Specialist with 20-years experience, and the entire matter (tax and legal) is handled by our team, in-house.

*Please beware of copycat tax and law firms misleading the public about their credentials and experience.

Less than 1% of Tax Attorneys Nationwide Are Certified Specialists

Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.

Recent Golding & Golding Case Highlights

  • We represented a client in an 8-figure disclosure that spanned 7 countries.
  • We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
  • We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
  • We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
  • We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.

How to Hire Experienced Offshore Counsel?

Generally, experienced attorneys in this field will have the following credentials/experience:

  • 20-years experience as a practicing attorney
  • Extensive litigation, high-stakes audit and trial experience
  • Board Certified Tax Law Specialist credential
  • Master’s of Tax Law (LL.M.)
  • Dually Licensed as an EA (Enrolled Agent) or CPA

Interested in Learning More about Golding & Golding?

No matter where in the world you reside, our international tax team can get you IRS offshore compliant. 

Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.

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