FinCen 114 and FBAR Requirements 2018-01-26T10:38:30+00:00

FinCen 114 and FBAR Requirements.

If at any time in 2017, you had a total of over 10,000 in a foreign exchange you are required to complete a FinCen 114 and FBAR or face significant fines.

What kind of fines?  Non willful violation – Up to $12,459 per violation.  Wilful failure to file – Up to $124,588 OR 50% of the account value at the end of the year AND potential criminal penalties of up to $250,000 or 5 years in jail or both. IRS Criminal conviction rate has never dropped below 90% in the past decade with over 79% of them facing jail time.

Many exchanges are operated overseas and qualify for the requirements for this reporting.

View Qualifying Exchanges

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