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- When preparing a delinquent 2022 tax return with a FBAR reporting obligation - how do I handle this? [Removed by Moderator]
When preparing a delinquent 2022 tax return with a FBAR reporting obligation - how do I handle this? [Removed by Moderator]
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the tax lady4u
Level 1
2 Comments 2
sjrcpa
Level 15
Tuesday
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REMOVE your email address. This is a public forum.
The more I know the more I don’t know.
dascpa
Level 12
Tuesday
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The reduced penalty program for late FBAR's has long since passed. Now FBAR's start wth the criminal division of the IRS, not the civil division. So don't treat this as a minor infraction. I had two a few years back and got a tax attorney involved. Some people on this board might say just submit the return and the FBAR now and see what happens. I disagree.
Delinquent FBARs (FinCEN Form 114) can incur severe penalties depending on whether the failure was non-willful or willful. For 2026, non-willful penalties are up to $16,536 per report, while willful violations can reach the greater of $165,353 or 50% of the account balance. Criminal penalties include up to 5 years in prison and $250,000 in fines.
In addition, the client may have also had to file (and each year-thereafter) Forms 8938 and possibly others. Only handle this yourself if you feel qualified.
