Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 08-15-2011, 11:54 PM
TaxGuru's Avatar
Tax Guru
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
Could the cumulative FBAR penalties potentially exceed the amount in a taxpayer's foreign accounts?

Per the IRS, "under the penalty provisions found in 31 U.S.C. 5314(a)(5), it is possible to assert civil penalties for FBAR violations in amounts that exceed the balance in the foreign financial account."

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
How do filers of the FBAR report their accounts to the IRS? TaxGuru Filing Requirements 0 08-15-2011 11:44 PM
What does the IRS mean when it says a foreign country in the context of FBAR reporting purposes? TaxGuru Filing Requirements 0 08-15-2011 11:35 PM
The Foreign Account Tax Compliance Act (FATCA), requires Foreign Financial Institutions to report to IRS all financial accounts held by US Taxpayers! TaxGuru General 0 07-03-2011 05:08 PM
California Requires Mandatory Electronic Payments for Individual Tax Liabilities when they exceed certain threshold amounts in 2010! TaxGuru California 0 01-29-2011 12:36 PM
Taxpayers increasing retirement contributions on their final paychecks could potentially yield more tax benefits! TaxGuru For 2010 0 12-15-2010 01:03 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning