“FBAR penalties can be enormous, a civil penalty of $10,000 for each non-willful violation. If your violation is willful, the penalty is the greater of $100,000 or 50% of the amount in the account for each violation. Each year you didn’t file is a separate violation. Criminal penalties are even more frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law (such as tax law, which it often will) the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. Many violent felonies are punished less harshly.”
http://www.forbes.com/sites/robertwood/2013/06/25/will-irs-find-your-small-foreign-bank-account/
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
Ron Paul: Gold is Good Money
The Suicide of Communism: The Case for Patience
Meet “The People’s Court”
CITIZEN SAFETY ALERT: You Have The Right To Go Home To Your Family Too
Common Core: A Lesson Plan for Raising Up Compliant, Non-Thinking Citizens
Jacob Hornberger: U.S. Soldiers Died for Empire and Hegemony
Thoughts from the Frontline: The Age of Transformation
Doug Casey on Second Passports
Gangs Remain Key Unaddressed Problem in Gun Debate
The Silver Lining as Banks Say “No More Americans”
Jacob Hornberger: The Evil of the National-Security State, Part 1
Small minds, big ideas: The implications of the IRS targeting anti-tax groups
Schneier: US gov. has betrayed the internet. We need to take it back
Mike Gogulski: We Need Freedom of Speech in our Financial Commerce
Anthony Gregory: The Right & the Drug War