FBAR Filing Attorney

FBAR Filings, Penalties & Appeals (FinCEN Form 114) — IRS Foreign Information Returns

If you need an FBAR filing attorney, timing matters. U.S. persons with foreign financial accounts exceeding certain thresholds are required to file an FBAR (FinCEN Form 114) each year, and the rules around late, missed, or incorrect filings carry serious financial exposure. Contact us before you take any action on an FBAR (FinCEN 114) issue — early guidance can materially change your outcome.

What Is an FBAR?

An FBAR reports a U.S. person’s financial interest in, or signature authority over, foreign bank and financial accounts. It’s filed electronically through FinCEN’s BSA E-Filing System — separately from your income tax return — and the filing obligations are distinct from, but often intertwined with, other IRS foreign information returns and foreign tax forms, such as Forms 8938, 5471, 3520, and 8865. The IRS maintains a helpful overview of who must file an FBAR and the applicable thresholds.

FBAR Penalties

Taxpayers who fail to timely file a complete and correct FBAR may face civil monetary penalties, criminal penalties, or both, depending on the specific facts involved. The IRS publishes its current FBAR penalty reference guide outlining how these determinations are made.

• Non-willful violations typically carry lower penalty exposure but still require careful handling.
• Willful violations carry the greatest exposure: the penalty may be the greater of $100,000 or 50% of the account balance at the time of the violation, for each violation.

Because “willfulness” is a fact-intensive determination, how your case is presented — and when you seek help — can significantly affect the outcome.

FBAR Appeals & Voluntary Disclosure Options

Taxpayers who’ve received a penalty notice, or who are behind on filings, generally have more than one path forward, including administrative appeals and various IRS voluntary disclosure and delinquent filing procedures. An FBAR filing attorney can evaluate which option fits your situation before you make an irreversible move. Taxpayers should also be aware of the IRS’s official Delinquent FBAR Submission Procedures, which may apply depending on the facts.

We Help With

• FBAR (FinCEN Form 114) filing, late filing, and amended filing
• FBAR penalty defense and mitigation
• FBAR appeals
• IRS foreign information returns (Forms 8938, 5471, 5472, 3520, 3520-A, 8865)
• Foreign tax credit and foreign income reporting issues

Contact us today before responding to an FBAR notice or attempting a delinquent filing on your own.