Taxpayer Advocate Recommendations Changing FBAR Penalties, One Reporting Form

International Financial Law Prof Blog



A U.S. citizen or resident with foreign accounts exceeding $10,000 can be subject to disproportionate civil penalties for failure to report the accounts on a Report of Foreign Bank and Financial Accounts (or FBAR) by June 30 of the following year.  Another penalty may apply if the accounts exceed $50,000 and the person does not report them on Form 8938, Statement of Specified Foreign Financial Assets, which is part of the tax return.

read about the proposed reforms at International Financial Law Prof Blog