Be sure your FBAR is accurate and filed on time

The potential implications of an inaccurate or late-filed FBAR are much worse than for an income tax return.

The IRS reserves the right to impose a penalty of $10,000 for simply filing the FBAR late.

We often find that clients forget to list 3rd pillar accounts and other accounts for which they have signatory authority.

If this happens we strongly recommend filing an amended FBAR to correct such omissions.