Foreign assets may need to be reported to the IRS or FinCEN on either forms 8938, Form 114 FBAR or both. If assets were required to be reported on either, or both, forms and were not reported, you may be subject to penalty for failing to file or late filing. The current FBAR penalty is $16,536 per year for non-willful violations. The penalty for failure to file form 8938 is $10,000 per form per year. Willful violations of the FBAR are subject to penalties of the greater of $165,353 or 50% of the highest account balance per violation, assessed per year. If you have unreported foreign financial assets, reach out to an Attorney with the McGuire Law Firm to determine your options to avoid penalties.
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