FBAR penalty could reach 150% of the account balance

The U. S. Dept. of Justice just announced a Florida district court jury found a U. S. Citizen failed to file required Reports of Foreign Bank and Financial Accounts (FBARS) on accounts worth $10,000 or more ruled a mere penalty of 150% of the bank account balance.  No fooling, our Federal Government is out to make sure you report all foreign accounts.

The new form for this year is the FINCEN (Form 114).   Taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time during 2013 must electronically file Report of Foreign Bank and Financial Accounts (FBAR) by June 30, 2014.  If you have questions about filing this form or what is to be reported please contact me.