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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

or signatory authority on any financial account like bank accounts, life insurance policies, stock accounts, mutual funds, retirement funds, rental properties and business ownerships.

The fine for not submitting FBARs may go up to 50% per year and an added criminal penalty would apply as well. File an OVDI to avoid FBAR or OVDI penalties from 5% to 27.5%.

Perfect Tax, a well known tax and business firm with multiple CPAs and attorneys serving more than 2,000 clients, gives excellent tips to reduce FBAR penalties in the U.S.

Click here to read about us

How can taxpayers avoid FBAR penalties?

FBAR penalties may be averted through the following:

  • When a tax advisor offers written advice about non-requirements to file a FBAR
  • If the IRS determines that the violation was due to reasonable cause e.g. the taxpayer reasonably acting on the written advice of an independent legal advisor after disclosing the account to the person. By then, the taxpayer will pay ZERO penalty for a FBAR.
  • When an opt out strategy is considered:

A FBAR violation penalty may come down to 3% by considering an opt out strategy. Click here to read about what an opt out strategy is all about.

  • When inherited accounts have limited account contact and draw:

Penalty is reduced to 5% if the balance in the account is inherited and the taxpayer withdraws less than $1,000 per year. The taxpayer would have sent money out of income on which U.S. taxes were paid.

  • If persons from the U.S. who are residing abroad have paid taxes in foreign countries


Source: PRWeb
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