FBAR Penalties Now Adjusted for Inflation: Abatement/Mitigation Still Possible

Publication Name: 

FBAR Penalties Now Adjusted for Inflation: Abatement/Mitigation Still Possible

Date: 
Thursday, June 22, 2017

 

If you haven’t filed your Report of Foreign Bank and Financial Accounts (FBARs) on a timely basis, you could be at risk of a higher civil penalty assessment. Inflation-adjusted FBAR penalties are now in effect.

The statutory civil penalties most people are familiar with, and as reflected in the January 2017 FBAR filing requirements, are:

  • Non-willful conduct: a civil penalty not to exceed $10,000 per violation.
  • Willful conduct: a civil penalty equal to the greater of $100,000 or 50 percent of the balance in the account at the time of the violation.

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