There are several ways to fix an FBAR error. But some options are better than others (and some increase you chance of audit).
Late FBAR filings can be subject to a $10,000 penalty. Or, potential criminal consequences if the failure to file is intentional.
Even if your spouse isn’t technically the owner of the account, the IRS still considers them to be a beneficial owner because they can access the funds.
One way to catch up with your payments is through the Streamlined Filing Program or the Delinquent FBAR Submission Procedures.
Spouses who own joint foreign bank accounts can file the FBAR jointly, but only if both of them only own the joint foreign account.
Don’t fall victim to the top FBAR mistakes. Some are very easy to catch (and other easy to miss!)
Although relinquishing US citizenship is a form of renunciation, there are slight difference. And don’t forget the exit tax!
The cost to renounce US citizenship can be as much as $2,350. But don’t forget the “exit tax” and other related expenses. It’s harder than you think.
Giving up your citizenship is a big deal, but can you get US citizenship back after renouncing it? Well, the answer is not as simple as you think.