2021 FBAR Penalties: (New) Non-Willful Case Updates

http://www.goldinglawyers.com

In a recent trend followed by several District Courts across the nation — non-willful FBAR penalties are being limited to a single Non-Willful FBAR Penalty Per Form violation — instead of issuing penalties on a “per violation standard.”

In other words, even if a Taxpayer had 15 unreported foreign bank and financial accounts in a single year, the non-willful annual FBAR Penalty Violation would be limited to a single penalty of $10,000 based on the form itself — and not the number of accounts listed on the form.

This is a welcome decision for US person foreign account holders with late or unfiled FBARs.

Видео 2021 FBAR Penalties: (New) Non-Willful Case Updates канала Golding & Golding International Tax Lawyers