FBAR TAX LAWS – The FBAR Penalties and Ever-Changing Tax Laws

FBAR TAX LAWS: What is better – Paying $200 dollars or $10,000 dollars?

FBAR Tax Laws escape many expats who are unaware of the IRS requirement for filling out a Foreign Bank Account Regulation form (FBAR) during tax time. Not understanding the requirement does not make a tax payer immune to the penalties, taxes and interests that commonly follow when the IRS figures out an expat did not file. Proper planning with an accountant who is up-to-date on current tax laws can be an expat’s best defense against large, unnecessary penalties. The savings can be used to purchase additional tax-deferred assets like real estate.   

Key Takeaways concerning FBAR Penalties:

[1:11] How serious are the penalties if I fail to file the Foreign Bank Account Regulation (FBAR) document?

[3:08] FACTA regulations are making it difficult for expatriates to open bank accounts in foreign countries.

[6:20] Buying gold and silver will not make a taxpayer immune to paying the appropriate tax on the value.

[7:27] It’s much less to pay $200 to file the FBAR compared to the $10,000 IRS penalty.

[11:12] Morey’s goal is to get everyone the information so tax penalties and interest can be eliminated.

[14:57] Long-term employees prove that Glazer Financial will be around for your future.

[18:03] There are a lot of tax advantages in buying real estate.

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818