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penalties for not filing an fbar

What Are the Penalties for Not Filing an FBAR?

Latest Facts & News FBAR penalties are at an all-time high: As of 2025, non-willful penalties have risen to $16,536 per violation, and willful violations can result in penalties of the greater of $165,353 or 50% of the account balance. …
Offer in Compromise Approved

How to Get an Offer in Compromise Approved: Ultimate 2025 Guide

Latest Facts & News Hook The current acceptance rate for OICs is 36.55%, indicating that slightly over one-third of submissions are approved. New digital submission options via IRS Online Account Enhanced financial documentation…
Offer in Compromise Approved

Eleventh Circuit Sustains Willful FBAR Penalty, But throws the Taxpayer a Bone

By: Anthony N. Verni Attorney at Law, CPA September 5, 2024 ©2024   Eleventh Circuit Sustains Willful FBAR Penalty, But throws the Taxpayer a Bone On September 4, 2024, the United States Court of Appeals for the 11th Circuit in…
Offer in Compromise Approved
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EMPLOYMENT TAX AUDITS ON THE RISE SECTION 6672 PENALTY AND CRIMINAL PROSECUTION

By: Anthony N. Verni, Attorney at Law, CPA August 13, 2024 ®2024 EMPLOYMENT TAX AUDITS ON THE RISE SECTION 6672 PENALTY AND CRIMINAL PROSECUTION Employment tax audits are on the rise and so too is the exposure to those individuals …
Offer in Compromise Approved
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TAXPAYER’S PERSONAL CRISIS NO DEFENSE TO WILLFUL FBAR PENALTY

By: Anthony N. Verni, Attorney at Law, CPA August 13, 2024 ©2024   TAXPAYER’S ADHD DIAGNOSIS, STRESS, DEPRESSION AND STAGE 3 PROSTRATE CANCER NO DEFENSE TO WILLFUL FBAR PENALTY   On August 6, 2024 the U.S. District Court for…
Offer in Compromise Approved
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THAI RESIDENTS MUST NOW PAY THAI INCOME TAX ON FOREIGN SOURCE INCOME

The Thai Revenue Department recently issued Order No. 16/2023 (the “Order”), which marks a significant shift in Thai tax policy as it relates to Thai Residents, who derive income from foreign sources or own offshore assets. The Order, which…
Offer in Compromise Approved
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LARGE TAX REFUNDS AND THE GHOST PREPARER

Earlier this year a Charlotte man was charged with tax fraud in a 20 count criminal indictment, charging him with aiding and assisting in the preparation and filing of false returns over a five year period. According to the allegations, between…
Offer in Compromise Approved
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FBAR PROSECUTIONS-FORMER CFO SENTENCED TO EIGHTY SIX MONTHS IN PRISON

On September 21, 2023 a  former CFO of  a Russian natural gas company was sentenced to seven years in prison, ordered to pay $4 million dollars in restitution and an additional $350,000 in fines in connection with a number of tax and financial…
Offer in Compromise Approved

WHAT DO OFFERS IN COMPROMISE AND ALUMINUM SIDING HAVE IN COMMON?

After many years, I decided to watch Tin Men again. It is a 1987 movie starring Danny DeVito and Richard Dreyfuss, both of whom are aluminum siding salesman in Baltimore in the late sixties.  They run  multiple scams, including “Life Magazine”…
Offer in Compromise Approved

PROSECUTIONS FOR UNPAID EMPLOYMENT TAXES ON THE RISE

The assessment of the § 6672 penalty can be devastating, and in some cases, life changing. Individuals who are subject to the penalty usually state that they were unaware that failure to collect and pay employment taxes to the IRS could result…