• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • facebook
  • twitter
  • youtube
  • instagram
  • yelp

Subsidiary of EtaxService.com | Support Hotline: 877-ETAX-123 | 877-382-9123

Expatriate Tax Returns

Expatriate Tax Returns

  • Home
  • About Us
    • Expatriate FAQ for Tax Filing
    • Testimonials
    • Leave a Comment
  • Services
    • Individual Tax Returns
    • Business Tax Returns
    • Estates and Trusts
    • FBARS and FORM 8938
    • Non-Filers and Late Filers
    • Audit Assistance
    • What We Need
  • Pricing
    • Privacy/Payment Policies
  • Tax Resources
    • Tax Forms and Documents
    • Expat White Paper
    • Expat Tax Guide
  • Blog
  • Contact Us
  • Pay Bill

The 5 Most Common Reasons For FBAR Penalties

December 2, 2022

The Foreign Bank and Financial Accounts Report (FBAR) is a form that is required to be filed by U.S. taxpayers who have foreign financial accounts. The FBAR is used to help the government detect and combat international money laundering and terrorist financing. If you fail to file the FBAR, you may be subject to civil and criminal penalties.

The most common reasons for FBAR penalties are:

  1. Failing to file the FBAR
  2. Filing the FBAR late
  3. Omitting information on the FBAR
  4. Incorrectly reporting information on the FBAR
  5. Failing to sign the FBAR

If you are a U.S. taxpayer with a foreign financial account, it is important to make sure that you file the FBAR correctly and on time to avoid penalties.

Non-filing of the FBAR

One of the most common reasons for FBAR penalties is failing to file the FBAR. The FBAR is required to be filed by U.S. taxpayers who have foreign financial accounts. If you fail to file the FBAR, you may be subject to civil and criminal penalties.

Failure to properly file the FBAR

Another common reason for FBAR penalties is failure to properly file the FBAR. The FBAR must be filed electronically through the Financial Crimes Enforcement Network (FinCEN) website. You must include your name, address, and Social Security number on the FBAR. You must also include the names of all foreign financial institution in which you have an interest, as well as the account numbers for those accounts.

Signing the FBAR under penalties of perjury

When you sign the FBAR, you are declaring under penalties of perjury that the information you have provided is true and correct. If you knowingly and willfully provide false information on the FBAR, you may be subject to criminal penalties.

Filing a joint FBAR when only one spouse has foreign accounts

If you file a joint FBAR, both you and your spouse will be jointly and severally liable for any penalties that may be assessed. This means that if only one spouse has foreign accounts, both spouses may be subject to FBAR penalties.

The civil penalty for non-willful violations

The civil penalty for non-willful violations of the FBAR filing requirements is up to $10,000 per violation. A violation is defined as each year you fail to file the FBAR or each foreign financial account you fail to report on the FBAR.

If you want to learn more about how to file expatriate taxes, visit our contact page to connect with us.

Share this:

  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Blog Tagged With: Diane Siriani, Expat Tax Filing, Expat Tax Preparation, Expatriate Tax Returns, FBAR

Primary Sidebar

Blog Archive

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 1,847 other subscribers

Footer

Contact Information

Expatriate Tax Returns
Phone: 1-877-ETAX-123 (382-9123)
Fax: 561-516-6261

Corporate Office (Florida)
7865 Palencia Way, Delray Beach, FL 33446

Satellite Office (Michigan)
20164 Goddard Rd, Taylor, MI 48180

Satellite Office (UK)
16 Malvern Court, Onslow Square
London, UK SW7 3HU

Contact Us

Refer A Friend

Services

  • Individual Tax Returns
  • Business Tax Returns
  • Estates and Trusts
  • FBARS and FORM 8938
  • Non-Filers and Late Filers
  • Audit Assistance
  • What We Need

Latest News

The 2023 US Tax Deadline For Expats: What You Need To Know

The Foreign Tax Credit: What You Need To Know For 2023

The Importance Of Form 8992: A Guide For Taxpayers

Copyright © 2023 Expatriate Tax Returns · Privacy Policy · Site by OMA Comp
Subsidiary of EtaxService.com