Archive | June, 2011

IRS FAQ – Explanation of FBAR Penalty

June 04, 2011  |   Posted by :   |   FATCA/FBAR   |   0 Comments

On 5/6/09, the IRS posted to its website FBAR FAQ #12, How does the penalty framework work? Can you give us an example? (Note: The FBAR FAQ has since been updated) Under FAQ #12, the IRS projected a $1M deposit on account in a foreign bank, interest income ($50,000 per year) for 6 years, total […]

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