Articles Tagged with streamlined procedures

You will need to get a tax litigation attorney’s opinion on whether or not you willfully failed to file Foreign Bank Account Reports (FBARs) and report foreign income on your tax return. The answer to this question has several consequences, including the following:

• Non-willful FBAR violations carry a $12,459 penalty per violation, while willful violations result in a penalty that is the greater of $124,588 or 50 percent of the balance in the account at the time of the violation
• Taxpayers who failed to file FBARs non-willfully are eligible for the Streamlined Filing Compliance Procedures, which allow you to amend previous year tax returns for the previous three years, and disclose your unreported foreign bank accounts