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Foreign Bank Account Owners to Report Financial Account & Assets by June 28th for 2012 or File a FBAR Amnesty to Avoid IRS Financial and Criminal Penalties
Date:7/22/2013

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4. There are big penalties upon failing to do so. One could face tax evasion and fraud charges. The criminal statute of limitations for such is six years. For civil tax fraud, there is no maximum duration.

5. FBAR penalties are more severe. Failing to file a FBAR penalizes the person $10,000 for each non-willful violation. For willful ones, the penalty may go above $100,000 or 50% of the amount in the account. Separate violations apply for each year the taxpayer fails in the filing.

6. Taxpayers may also be incarcerated. Tax evasion charges can carry a prison term of up to five years and would include having to pay a maximum fine of $250,000. Falsification of tax returns may mean ending up in prison for three years or less and at utmost, another fine of $250,000.

Failing to file a tax return can mean a year in prison and a fine of up to $100,000. Finally, taxpayers who neglect in filing FBARs may face monetary penalties of up to $500,000 and ten years in prison at most.

7. Offshore Voluntary Disclosure Initiatives (OVDI) and a FBAR Amnesties are options to reduce noncompliance for past years, from 2003 to 2011. These privileges exist to reduce penalties.

8. Silent Disclosures, also known as “Quiet Disclosures,” are discouraged as they are corrections of past tax returns and FBARs which do not draw attention. The IRS warns against them.

9. Can a taxpayer start filing complete tax returns and FBARs respectively while not trying to fix past issues? Maybe, but this entails risk, as noncompliance in the past will be taken note of and it may be too late for a voluntary disclosure.

10. Disclosure is the key. Taxpayers are allowed to have money and investments anywhere in the world, so long as they disclose foreign accounts. When in doubt, taxpayers should practice transparency.

When a taxpayer has to file a FBAR

Taxpayers have to report accounts if they have single or joint ownerships,
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Source: PRWeb
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