Frequently Asked FBAR Questions – Late FBAR (2024)

There is no

penalty but there are non-filing penalties. If it is determined that you were willful, the penalty can be up to 50% of the value of the account.

The

is an annual report, due April 15 following the calendar year reported. You’re allowed an automatic extension to October 15 if you fail to meet the

annual due date of April 15.

If you are required to FBARS then you should file

S for the years open under the Statute of Limitations to prevent the IRS from assessing FBAR penalties. There are several voluntary disclosure programs to file

s.

Failing to file an

can carry a civil penalty of $10,000 for each non-willful violation. If it is willful, the penalty is the greater of $100,000 or 50 percent of the amount in the account for each violation.

Not necessarily, but not filing an

may increase the risk of an audit.

FinCEN Form 114,

, is used to report a financial interest in or signature authority over a foreign financial account

A US person(including a citizen, resident, green card holder, corporation, partnership, limited liability company, trust or estate) must file an

to report a financial interest in or signature over at least 1foreign financial account located if the aggregate maximum value of those foreign financial accounts exceeded $10,000 at any time during the calendar year.

stands for Foreign Bank Account Report.

Yes, if there is any rent derived from or a sale of the foreign real estate. Foreign real estate is not reported on

or

.

Sometimes legal counsel is not necessary to correct

errors. In some cases, legal counsel is strongly recommended. Unsure? Contact us.