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Quiet Disclosure FBAR

FBAR Quiet Disclosure: FBAR forms are required to be filed by U.S. persons who have foreign accounts, assets, or investments -- and meet the threshold requirements for filing the form.

When a person has not filed the form, there are offshore disclosure procedures in place to assist with filing. A Quiet Disclosure FBAR (FinCEN Form 114) to the IRS involves filing current year FBAR (usually along with previously unfiled FBAR forms) without filing under one of the proper amnesty programs: Delinquency Procedures, Streamlined Offshore Filing, or Voluntary Disclosure.

Foreign Bank Accounts & Quiet Disclosure

By making a Quiet Disclosure of previously unfiled FBAR forms, you are taking a major risk. The FBAR form is a a deceptively dangerous offshore reporting form -- if not for the sheer magnitude of the penalties involved for late, incomplete or unfiled returns.

Making matters worse are the globs of bad information you will find online.As you get lost in one rabbit hole after the next, you start to lose your nerve. You realize the penalties for not timely filing (or ever filing these forms) can be intense.Compounding the issue and stress-levels, are the scores of fear-mongers, scaremongers, and inexperienced counsel writing gibberish about what may happen to you.

Who do you believe?

Are you automatically going to jail for five years? No.
Are you automatically getting hit with a 100% percent willful penalty? No
.Are you going to lose your immigration status? No.

Before Making an FBAR Quiet Disclosure

Make sure you speak with a Board-Certified Tax Law Specialist who specializes in this area of law so they can explain to you what your real options are. Under the new IRS Offshore Disclosure Programs, some people can skate by, legally, with no penalty. Other people may face varying levels of penalties -- depending on the facts and circumstances of their situation.

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