This is one of the most common questions we receive from individuals with foreign accounts.
Short Answer:
Missed FBAR filings can result in penalties, but there are options to correct them.
Explanation:
Penalties depend on facts and intent.
Example:
A taxpayer may qualify for corrective procedures.
Common Mistake:
Waiting too long.
When to Get Help:
We would be happy to assist.
If this situation applies to you, we would be happy to review your structure and confirm your filing requirements.