You’ll have to send a report to the IRS should you have foreign financial accounts with aggregate value that exceeds $10,000 at any time during the calendar year. The due date of filing the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) is June 30 every year. Failure to submit can attract huge civil or criminal penalties on those bank accounts. Whilst the Financial Crimes Enforcement Network (FinCEN) is the authority, it is the IRS responsible for the assessment and collection of penalties. The the main thing is, you have a legal right to appeal against the IRS actions if you notice the penalty is arbitrarily assessed. But there are a few key factors you certainly not want to miss.

Find out how to Appeal an FBAR Penalty
First of all, there is no need to pay for any kind of penalty charges ’till the end of the appeal process. And keep in mind that, the statute time periods are not the same for FBAR assessments and FBAR collections. Assessment of FBAR penalty is performed by a local tax examiner but penalty appeals are taken care of at IRS Office of Appeals in a centralized location where there will likely be a FBAR Coordinator who’ll ensure that resolutions are absolutely consistent countrywide. As it is often a coordinated issue a recommendation to International Operations of the IRS is necessary prior to holding the 1st conference.

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