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Video instructions and help with filling out and completing Form 14654 (rev. 6-2016)

Instructions and Help about Form 14654 (rev. 6-2016)

Hey Anthony hey Claudine we're continuing our FATCA series today we're talking about penalties we've mentioned penalties a lot and they never want to get down until yeah and everything just gets better and better yes and that with that code now we're going to this is our capstone video we may add to it later as more wonderful things happen yes because what we're talking about today is penalties for individuals we started to investigate penalties for foreign financial institutions and it was sort of like going into a rabbit hole mm-hmm so we're gonna do a little more investigation and then talk about that and also the impact we're gonna try to do a video with both of them they're like oh god no there's much too much so FATCA individual penalties and we're talking specifically today about form 8938 there are other forms we know there's f bars form 54 71 there's separate penalties for every form each one of those has its own penalty and also its own and we'll go into the statutes of assessment - yeah a little bit okay so for form 8938 penalty for failing to file form 8938 is just a quick ten thousand dollars with an additional ten thousand dollars added for each month the failure continues beginning 90 days after the tax payers notified of the delinquency with a maximum of up to fifty thousand dollars per return mm-hmm and this is very similar to your fifty 471 450 471 penalties I think they really basically got the language when they were writing fat goes oh here we'll just sort of copy and paste this seems to work right this is the standard penalty structure for these foreign reporting firm forms and notice that they did not copy and paste the f bar penalties at all now now shall we go into F power penalty let's just take a quick so you know we're talking about form 8938 penalties and some people might be confused to say well is that the F bar or does that include your f our penalties the answer is they're completely separate and you can get both of them you can get both of them for the same account and they come from completely different areas of the law your F broad penalties are coming from title 31 which involves the Bank Secrecy Act pretty much a Bank Secrecy Act with 90 70 that has been amended here and there but that is the f bar penalties was the whole idea I'm tacking that the law enforcement needed the f bar reporting requirement to crack down on international crime syndicates it had nothing to do with tax evasion when you look at the when you look at the history of the Bank Secrecy Act which kind of makes sense has nothing to do with tax evasion because it has to do with bank secrecy where these banks helping criminals move money around because.

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