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If you have foreign bank accounts or interests in foreign assets, you may be required to file the FBAR, which is the reporting of foreign bank and financial accounts.  That being said, who enforces the FBAR regulations, and collects on penalties that have been assessed?  FinCEN has directed that the enforcement of the FBAR be handled by the Internal Revenue Service.  Thus, if you were assessed a penalty for failing to file the FBAR, the IRS would collect on the penalty.

The video below has been prepared to provide additional information regarding enforcement of the FBAR.

John McGuire is a tax attorney in Denver, Colorado at The McGuire Law Firm.  John’s practice in taxation involves matters before the Internal Revenue Service such as tax audits, FBAR & OVDP matters, tax debts, issues before United States Tax Court and individual & business taxation.  You can speak with a Denver tax attorney at The McGuire Law Firm by calling 720-833-7705 and scheduling a free consultation.

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