What are the FBAR penalties for non-willful vs. willful violations?
I have a foreign bank account that I use for my LLC business but I never filed an FBAR (FinCEN Form 114). What is the difference between non-willful and willful FBAR penalties? My account balance was over $100,000 at one point during the year. How much could I owe?
Related Questions
After Bittner, is the non-willful FBAR penalty once per year or per account?
I had four foreign accounts under my LLC and missed FBARs for two years. Before, I read the penalty could be per account, which terrified me. Did the Bittner decision change that? If I had four accoun...
After Bittner, is the non-willful FBAR penalty per account or per year?
I had several foreign accounts and missed a few years of FBARs. I've read scary things about $10,000 per account adding up fast. Did the Bittner Supreme Court case change that for non-willful cases, a...
Form 8938 vs FBAR: what exactly is the difference and do I need both?
I've been filing FBARs for my foreign bank accounts for years. Now my new tax preparer says I also need Form 8938. This seems like double reporting the same information. What is the actual difference ...
I never knew foreign accounts had to be reported — am I eligible for the Streamlined Procedures?
I'm a non-resident who has owned a US LLC and a couple of foreign bank accounts for years. I just found out about FBAR and Form 8938 and realized I should have been reporting. I genuinely didn't know....
What are the penalties for not filing a Beneficial Ownership Information report?
I read that the Corporate Transparency Act requires my foreign-owned LLC to file a Beneficial Ownership Information (BOI) report with FinCEN. What happens if I miss the deadline? I heard the current c...
My U.S. LLC opened a Wise account for foreign currency. Does the LLC itself now have an FBAR issue?
I am in Portugal and run a Delaware LLC. To handle EUR client payments, the business opened a Wise business setup and now holds balances outside the U.S. during the year. At peak, the foreign balance ...
What is the $25,000 penalty for failing to file Form 5472?
I own a single-member LLC as a foreign person and just learned about Form 5472. I never filed it since forming my LLC two years ago. What exactly is the penalty for not filing, and can it really be $2...
Why did my bank close my foreign LLC account and what compliance triggers should I watch for?
I just received a letter from my bank saying they're closing my foreign LLC's account in 30 days with no specific reason given. I've had this account for 18 months and never had any issues. My LLC is ...
What bookkeeping do I need to maintain for my foreign LLC's bank account?
I've been running my foreign-owned LLC for about six months and I've been pretty lax about bookkeeping. I have a Mercury account with maybe 50-60 transactions total — mostly client payments and a few ...
I missed FBARs for several years — do I use the Delinquent FBAR procedures or Streamlined?
I just realized I should have been filing FBARs for my foreign accounts and I'm a few years behind. I keep seeing two different fixes: the 'Delinquent FBAR Submission Procedures' and the 'Streamlined'...
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.
