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.
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