FBAR - Fines & Penalties in Santa Cruz, California For Sale

Impropoer filing of FBAR attracts penalty
The penalties for noncompliance can be staggering. These monetary penalties start at $10,000 for each non-willful violation where the reasonable cause exception does not apply. Willful FBAR violations can increase the penalty to the greater of $100,000 or 50% of the amount in the foreign financial account for each violation.
Improper filing of FBAR attracts penalty of $10,000 whereas willful failure to file FBAR is liable to penalty of greater of $100,000 or 50% of the balance at the time of violation and also is subjected to criminal penalties.
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