Why amending an FBAR may be more dangerous than you realize

Why amending an FBAR may be more dangerous than you realize

http://ift.tt/2uG1inf When you file an FBAR the IRS assumes you have a heightened knowledge. They will punish you for any technical mistakes...as opposed to someone who never filed an FBAR. In order to assess the willful FBAR penalty (up to 50% of the account value), the IRS must find a reason that you were "willful" in your actions. Unfortunately, we've seen the IRS argue things like, "You knew enough to amend an FBAR, but you didn't know enough to read the instructions correctly?" Then, they go one step further and say, "Since you knew about the FBAR, you must know about the Internal Revenue Manual, the Bank Secrecy Act of 1970 (as amended) and the recent FBAR litigation on what is required in federal district court." If you are unsure if you should amend your FBAR yourself or if you need help doing it, contact us. We can help. Parent and Parent LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/vDmOajBrqKg IRS Medic