The IRS has provided new filing procedures for certain taxpayers with delinquent FBARs, allowing them to avoid penalties without participating in the various voluntary compliance programs. The FBAR is the Foreign Bank and Financial Accounts form used to disclose the existence of all foreign bank, brokerage, and certain other asset accounts, as well as the highest balance in each account for the year. This form is required when the aggregate highest balance of all accounts exceeds $10,000 at any time during the year.
Penalties for noncompliance are harsh – the greater of $100,000 or 50% of the highest balance in each …read more
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