FBAR - what should a non-compliant American do?

This is a very big question! 

Recently we have been spending more time with American's resident in Canada and other countries to deal with the issue of late FBAR's.

My experience is that there is a lot of false information out there, and the guidance from the IRS is unclear and even contradictory.

I believe that the FBAR requirements and penalties were put in place by the IRS many years ago to deal with severe abusers of the US tax system – those acting with conscious criminal intent. Consequently the FBAR rules are heavy handed and punitive.

Unfortuanitely there are many Americans who are non-compliant with their FBAR filing obligations because they were unaware of their requirement to file FBAR’s. The are many reasons for this lapse, such as lack of knowledge, inexperience, deficient advise.

As a result, many Americans now face the dilemma of how to bring their filings onside.

We have recently posted a FAQ giving our views on the options (click here).

We hope that you will find this information useful and please contact us if you require assistance.

 

FBAR

Back to all posts

News RSS

Transfer Pricing - CRA states that the cost of capital property does not become statute barred

(June 14, 2017) Generally transactions becomes “statute barred” in Canada after three years and...

» more

UHY Global Study: Capital Investments

(April 10, 2017) Canadian capital investment lags the world average, putting future Canadian...

» more

2017 Canada US Cross Border Tax Guide

(Jan 10, 2017) This guide provides an update of tax issues and trends involving the US and...

» more



FAQ

What are the benefits of holding life insurance in a company?

» more


What are the Affordable Care Act (Obamacare) requirements for Ex-Pats?

» more


Why set up a family trust?

» more


UHY VICTOR SENCRL • LLP
Société de comptables
professionnels agréés •
Partnership of Chartered
Professional Accountants

759, rue du Square-Victoria, #400
Montréal, Québec, H2Y 2J7
Canada

+1 514 282 1836

UHY VICTOR UHY VICTOR LLP (the “Firm”) is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY international network. The services described herein are provided by the Firm and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.