Anthony, we're here today to talk about FBARs. They can be very complicated, with a lot of penalties involved. It's important to ensure that you handle any FBAR filing requirements or issues correctly. Many people find the FBAR intimidating, and we have seen numerous clients with various cases, such as foreign life insurance or pensions. Currently, the IRS has reported that 1.2 million FBARs were filed in 2015. However, many of these filings are incorrect and missing important information. We understand that the penalties can be severe and challenging. Additionally, we know that there are many individuals who have not filed FBARs at all. In fact, the majority of those who have filed FBARs probably have accounts valued at around $11,000. This raises concerns because the IRS claims an average growth rate of 17 percent per year, which seems unlikely for accounts to magically increase to $10,000. It appears that many people are not going through the offshore programs as suggested by the mismatch in numbers. While some FBARs may be considered delinquent and do not require a program, the IRS boasts about the number of individuals going through the offshore voluntary disclosure program, suggesting a gap in the figures. Many individuals choose to file an FBAR separately and hope for the best, even resorting to a made-up term called qualified soft disclosure. As an FBAR attorney, I have observed many of these issues and anticipate more to come. It is not uncommon for individuals to miss FBAR filings, or to have incorrect filings. Unfortunately, there is an increasing number of FBAR audits. The good news is that the IRS has six years to assess FBAR penalties from the date of non-willful violation. However, the bad news is that these audits often start as income tax audits and can result...
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Video instructions and help with filling out and completing Fill Form 8865 Expired
