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    HPATEL1970's Avatar
    HPATEL1970 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jun 29, 2011, 08:57 AM
    FBAR
    What are the penalties ,if any, for not filing on FBAR on time?
    Thanks,

    Harshad
    Nadel's Avatar
    Nadel Posts: 35, Reputation: 2
    Junior Member
    		  
    #2

    Jun 29, 2011, 09:44 AM
    Penalties are very stiff

    1) Civil Penalties for willful violation can be up to the greater of $100K or account size per violation. [ A violation is per unreported account per year, technically]

    2) In addition, there can be criminal penalties. Up to $250K per violation or 5 years in prison or both

    Now such stiff penalties are almost never enforced except for really bad actors, but they do exist.
    taxesforaliens's Avatar
    taxesforaliens Posts: 649, Reputation: 117
    Senior Member
    		  
    #3

    Jun 30, 2011, 10:04 AM
    Last year I sent my form late (postmarked June 30th, as I wasn't aware it should be there on June 30th). I didn't have to pay a penalty.
    Just send it as as soon as possible and you should be fine.

    If you haven't paid taxes on foreign income and failed to report the FBAR you might want to have a look here:
    http://www.irs.gov/newsroom/article/0, id=210027,00.html
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