If you fail to file a fbar due june 30th of each year you may be subject to penalties of up to 50 of the account balance annually and a felony up to 10 years in jail offshore tax evasion irs tax compliance fatca fbar will answer many of your questions regarding the who what when where and why of fatca fbar reporting requirements. Offshore tax evasion offshore tax evasion the irs has significantly increased enforcement of offshore tax and reporting related matters when a us taxpayer fails to disclose foreign income accounts assets and investments to the us government it may lead to significant offshore fines and penalties of course and despite rampant online fear mongering not every international tax . Penalties for offshore tax evasion are brutal there are various different types of penalties and fines a person can be subject to as a result of offshore tax evasion the following is a brief summary of some of the more common types of penalties a penalty for failing to file fbars united states citizens residents and certain other persons . Our attorneys have worked with thousands of clients on offshore disclosure matters including fatca fbar each case is led by a board certified tax law specialist with 20 years experience and the entire matter tax and legal is handled by our team in house
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