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Video instructions and help with filling out and completing Offshore penalty

Instructions and Help about Offshore penalty

Hi this is tax attorney Anthony parent and in this video I am going to be talking about what the f bar late filing penalties are so what are the f bar late filing penalties it's a trick question there are none and the reason why is because the f bar comes under different legislation than the tax code the tax code comes under title 22 title 26 and title 26 authorizes the IRS to charge late late filing fees for people who file their tax returns late and if they have a balance due but the f bar everything related to the f bar comes from title 31 and that has to do with a bank secrecy act now if you look at title 31 in there there is no late filing penalty for the f bar there's actually something much worse there is simply a non filing f bar penalty that is you didn't file one at all now the process is a little bit complicated for the IRS to assess and typically it would happen during an audit situation where an IRS examiner would conduct two separate audits at the same time one is for that income tax liability that title 26 and the other is for your f bar penalties that title 31 and the your f bar penalty would be would be dependent on whether or not you were willful which could be up to fifty percent of the account value or not a bit willful which would be ten thousand dollars per occurrence now if you have just a late filing if you have one late filed f bar it's probably not much of an issue however if you have many years of f bars that were never filed you just don't want to go ahead and file them what you would want to do in order to reduce your criminal exposure which it's it's really there or any significant f bar penalties is to enter into one of the voluntary disclosure programs it could be something where you enter into the full program the streamlined program or it could be something where you simply need to file missing f bars if you have no reported income we did pra an f bar penalty webinar and if you follow the link that will help you answer all your other questions about it this is anthony parents of parents and parent LLP the IRS medic and I thank you for watching.

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