However, the FBAR filing is independent of the requirement to file income tax returns.
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Under the new FBAR regime, these traders should file late FBAR reports as soon as possible.
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But the FBAR landscape is touchy and the reversal of Williams suggests treading carefully.
During the 2009 program, the FBAR penalty was 20% of the highest account balance.
The IRS says willfulness can be a conscious effort to avoid learning about FBAR reporting.
Did the Romneys timely file the required disclosure forms to the Treasury Department (so-called FBAR reports)?
However, the IRS can seek to impose FBAR penalties per account , per year.
Include signed consents to extend the statute of limitations to assess taxes, penalties and FBAR penalties.
Try this irs.gov link for Report of Foreign Bank and Financial Accounts (FBAR).
FORBES: Handling New IRS Foreign Reporting Requirements Without Doing Jail Time
Form 8938 reporting is in addition to , and not in lieu of, FBAR reporting.
It was all UNNECESSARY, if only FBAR compliance, and not penalty extortion, the main objective.
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Of course, the taxpayer can argue that FBAR penalties are inappropriate after the opt-out election is made.
Do I Need to File an FBAR if I Have Only Signature Authority Over a Foreign Financial Account?
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Williams pled guilty to tax evasion and the sole question was whether the FBAR violation itself was willful.
In fact, one could be required to make a FATCA disclosure, but not have an FBAR filing obligation.
In some cases, they may argue their funds never left the U.S. brokerage affiliate and FBAR was not required.
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Many of these traders have not filed foreign bank account forms and might not be complying with FBAR rules.
FORBES: Handling New IRS Foreign Reporting Requirements Without Doing Jail Time
Those who were unaware of FBAR filing requirements can file previous reports and an explanation why they are late.
All others who are required to file an FBAR for 2012 must still do so by June 30, 2013.
In the case of the FBAR matter, it was the blow up of UBS and other offshore banking institutions.
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The FBAR must be filed on or before June 30 for foreign account activity occurring during the preceding calendar year.
FORBES: IRS Issues Final FBAR Regulations and Revised FBAR Form
For more information on FBAR, see the irs.gov Website and there are plenty of other resources on the Internet too.
FORBES: Handling New IRS Foreign Reporting Requirements Without Doing Jail Time
Taxpayers comply with this law by noting the account on their income tax return and by filing Form 90-22.1, the FBAR.
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Yet if a return or FBAR is never filed, the statute of limitations never runs so the IRS can audit indefinitely.
This penalty regime covered not only the failure to file an FBAR but also the failure to file certain other informational returns.
Yet this latest FBAR filing extension is the third of this type.
But must you file an FBAR even if the only foreign account you have is at a foreign branch of a U.S. bank?
The Report of Foreign Bank and Financial Accounts requirements (31 CFR 103.24), or the FBAR rules, are part of the Banking Secrecy Act.
Taxpayers who are foreign residents and who were unaware they were U.S. citizens may qualify for a reduced 5% FBAR-related penalty (FAQ 52).
FORBES: D��j�� vu--Yet Another IRS FBAR Voluntary Disclosure Initiative
If a correct FBAR is filed late, there is no penalty if the failure to timely file it was due to reasonable cause.
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