FBAR & 8938

FBAR & Form 8938 Penalties


What if you do not comply?

Schedule Meeting

FBAR Penalties

Penalties if non-willful, up to $10,000; if willful, up to the greater of $100,000 or 50 percent of account balances; criminal penalties may also apply.
Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for no willful violations that are not due to reasonable cause.
For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation.

Source: https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers

Non-Compliance with Form 8938 Reporting Requirements

Penalties up to $10,000 for failure to disclose and an additional $10,000 for each 30 days of non-filing after IRS notice of a failure to disclose, for a potential maximum penalty of $60,000; criminal penalties may also apply.
An additional penalty of up to $50,000 for continued failure to file after IRS notification, and a 40 percent penalty on an understatement of tax attributable to non-disclosed assets.

Source: https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers

Stocks 8938