The FBAR (Report of Foreign Bank and Financial Accounts) is a Form FinCEN 114. The Bank Secrecy Act details the FBAR filing requirements. This form must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department....
You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations because of circumstances beyond your control — due to “reasonable cause.”...
The FBAR (Report of Foreign Bank and Financial Accounts) is a form that the Internal Revenue Service (IRS) requires U.S. taxpayers with certain foreign bank accounts to file, wherever they may live—at home or abroad (“expatriates” or “Expats”)....
The IRS provides some relief options that a taxpayer can apply for to reduce or eliminate penalties and interest assessed....